BITCOIN to $175000. The long term Fibonacci road.

Crypto traders got so caught up with Bitcoin's recent pull back on the 0.618 Fibonacci retracement level that we forgot the long term picture.

Since this pull back took place on the critical 0.618 Fibonacci scale, I thought it would be a good idea to structure this analysis using this indicator.

First of all we can all accept that BTC has been trading inside its parabolic growth curve. What stands out in terms of market peaks is that the Highs of the last two cycles were on the 40 and 20 Fibonacci extension level respectively. Does this mean that there is a -50% decrease on the Fibonacci level on each High? Could be. If so then the next peak will be on the 10 Fibo extension, thus projected around $175000!

Can we time this peak? Difficult, especially with the aggressive start on the current (2019) bull market. But seeing that the previous two Highs were on a +61.50% growth sequence, we can assume that this will be repeated on the next High which puts it at June 2024!

This seems like a long way out but is perfectly aligned with th idea of the eventual asymptotic behavior of the parabolic curve. In other words, the more Bitcoin gets adopted and matures as a financial asset, the more the price will stabilize and cycles normalize. Anything is of course possible on such a long time frame but as crypto investors we shouldn't ignore the long term dynamics.

Definitely not panic when a very normal technical pull back takes place!