Folks, do NOT panic! We are perfectly on schedule to hit that S2F $288k Price Target!
Notice the immaculate symmetry from the previous cycle. The 1.618% Fix Extension has been hit (as it was in 2017) where we paused briefly before the eventual parabolic move.
This popped 329.88% once the 1.618 broke. And that similar move this year puts us exactly at $280kish!
Not coincidentally, that area between the 1.27 & 1.618 extension (green zone) proved to be the next bottom after the peak. Today that would put bitcoin's next bottom EXACTLY where we are now (between $50k-$60k range).
A 76.8% pullback from the top price target of $288k puts us ALSO exactly where we are now. Why is the 76% fib retracement important this time around? because both previous bottoms were 86% and 80% respectively. With more money in the space volatility should also dampen therefore I expect diminishing blow off tops but also diminishing crashes & pullbacks.
The point is, we are EXACTLY where we need to be.
Expect a few more days of consolidation around this $50k-$60k area. But it is clearly evident that this is simply a pit stop before $85k, 120k, $146k & eventually $220k-$280k cycle top!
Trade well,
Neofx
Notice the immaculate symmetry from the previous cycle. The 1.618% Fix Extension has been hit (as it was in 2017) where we paused briefly before the eventual parabolic move.
This popped 329.88% once the 1.618 broke. And that similar move this year puts us exactly at $280kish!
Not coincidentally, that area between the 1.27 & 1.618 extension (green zone) proved to be the next bottom after the peak. Today that would put bitcoin's next bottom EXACTLY where we are now (between $50k-$60k range).
A 76.8% pullback from the top price target of $288k puts us ALSO exactly where we are now. Why is the 76% fib retracement important this time around? because both previous bottoms were 86% and 80% respectively. With more money in the space volatility should also dampen therefore I expect diminishing blow off tops but also diminishing crashes & pullbacks.
The point is, we are EXACTLY where we need to be.
Expect a few more days of consolidation around this $50k-$60k area. But it is clearly evident that this is simply a pit stop before $85k, 120k, $146k & eventually $220k-$280k cycle top!
Trade well,
Neofx