7700 target at 0.618 fib retracement on 2.5 year cycle BTCUSD

Looking at the weekly chart starting from 2015-08-17 we see that the 0.618 fib retracement target is at around 7700 usd.

But, why start at 2015-08-17?

Well if we look at the bigger picture in log scale we see that this is probably the end of a major correction and perhaps the end of a cycle.
So i guess this is a new starting point. Of course the low of 162 usd price is not far from 0 ...
But this also fits with an approximate 2.5 year cycle if we take into account a 2013-03-25 starting point.


I am not suggesting it will reach 7700. Just observing.
Perhaps this is another confirmation of the 8000usd target everyone is talking about.