Unlocking the ‘Golden Number’: Bitcoin Surges Above $118,000 – Analyst Predicts Start of Bull Run
Overview
Bitcoin has been on a bullish streak, making a remarkable 9% jump from $108,300 to nearly $118,800 in just a week. Breaking its previous all-time high, Bitcoin‘s recent surge has caught the attention of many in the crypto community.
Renowned Bitcoin technical analyst, CryptoCon, has shared some intriguing insights on social media that suggest this rally might just be the tip of the iceberg. By utilizing the 5.618 Fibonacci extension, CryptoCon has identified a pattern that aligns with previous cycle tops, implying a potentially more ambitious price target for Bitcoin in the near future.
Looking back at historical data, CryptoCon’s analysis reveals a fascinating alignment between Bitcoin‘s previous tops and the 5.618 Fibonacci extension level. Each cycle top, from the $30.84 peak in 2011 to the recent $63,839 high in November 2021, has gravitated towards this golden ratio. Based on this pattern, CryptoCon predicts that Bitcoin‘s next significant move could land somewhere between $170,000 and $180,000, with a specific target of $184,181 for this cycle.
The recent surge in Bitcoin‘s price can be attributed to various factors, including a notable short squeeze that wiped out over $1 billion in bearish positions. Additionally, US-based Spot Bitcoin ETFs have seen a substantial influx of over $1 billion in daily inflows over the past two days, indicating growing interest and investment in the cryptocurrency.
As CryptoCon pointed out in his analysis, the current price compression in Bitcoin‘s chart is likely to expand dramatically in the near future. This observation hints at a potential upcoming breakout or volatile movement in Bitcoin‘s price that could reshape the market dynamics.
In conclusion, with Bitcoin‘s price hitting new highs and technical analysis pointing towards a bullish trend, investors and enthusiasts alike should keep a close eye on the unfolding market dynamics. The convergence of historical patterns, Fibonacci extensions, and market forces suggests that Bitcoin‘s journey to new price levels might be just beginning, offering exciting opportunities for those involved in the cryptocurrency space.
