The Sky’s the Limit: Analyst Reveals ‘Golden Number’ as Bitcoin Price Soars Above $118,000
Overview
Bitcoin has shown an impressive rally in the past week, surging from around $108,300 to nearly $118,800, marking a gain of close to 9%. This surge has been quite remarkable, especially as Bitcoin broke its previous all-time high from late May by surpassing $111,970. The recent price action has caught the attention of many in the crypto community, including the well-known Bitcoin technical analyst, CryptoCon.
In a recent social media post, CryptoCon shared an intriguing long-term cycle pattern analysis that suggests Bitcoin might be aiming for a more ambitious price target. By utilizing the 5.618 Fibonacci extension, a number that has historically aligned with previous cycle tops, CryptoCon projected a potential price range for Bitcoin that opens up the possibility of another parabolic run. This approach builds on a pattern seen in past market cycles, with Bitcoin‘s major price peaks consistently hitting this specific Fibonacci extension level.
Looking back at Bitcoin‘s historical price movements, CryptoCon highlighted the $30.84 peak in June 2011, the $1,205 top in November 2013, the $18,702 high from December 2017, and the recent peak of $63,839 in November 2021. Each of these peaks aligned closely with the 5.618 multiple of their preceding bear market lows, as illustrated in the Bitcoin multi-year price chart. Based on this analysis, CryptoCon projected a potential price range of $170,000 to $180,000 for Bitcoin in this ongoing cycle, with a specific “Golden Number” target of $184,181.
The recent surge in Bitcoin‘s price has been attributed to various factors, including a significant short squeeze that liquidated over $1 billion in bearish positions and substantial inflows into US-based Spot Bitcoin ETFs. Amidst this price action, CryptoCon noted that Bitcoin‘s chart is showing signs of compression that could lead to a significant expansion in the near future. As he aptly put it, “All the boring price action is coming to a squeeze; it can’t stay that way forever.”
In conclusion, the recent price rally and CryptoCon’s analysis suggest that Bitcoin may be gearing up for a significant move, with a potential price target of $170,000 to $180,000 in the current cycle. The convergence of historical patterns and key technical indicators point towards an exciting period ahead for Bitcoin investors and enthusiasts alike.
