Predicting the Future Bitcoin Price with the Power of Fibonacci
Unravelling the Future of Bitcoin with a Combination of Elliott Wave Theory and Fibonacci Analysis
As a Bitcoin enthusiast, I acknowledge that forecasting the future price of Bitcoin is a complicated and daunting task. While I do not claim to possess a magical crystal ball, I do possess a deep-seated passion for examining market trends and analysing data. That's why I have been experimenting with various technical analysis methods, including Elliott Wave Theory, Fibonacci Circles, Fibonacci Timezones, Fibonacci Extensions, and Fibonacci Retracements.
My approach merges Elliott Wave Theory, which sheds light on market tendencies, with Fibonacci analysis, which provides me with a more profound understanding of market behaviour through the Fibonacci number sequence. This combination allows me to gain a broader perspective of price movements and make more informed predictions. Fibonacci Circles, Fibonacci Timezones, and Fibonacci Extensions enable me to identify crucial support and resistance levels and visualize the potential for price movements. On the other hand, Fibonacci Retracements help me monitor where the price may retrace during a trend. Through my personal exploration of these analysis methods, I aspire to offer a novel outlook on the future of Bitcoin:
My analysis of the Elliott Wave reveals that Bitcoin is poised for an impulsive wave 5, which is part of an impulsive wave 3 at a higher degree.
Utilizing the Fibonacci extension method, I have identified resistance points at 1.236 with a price level of $292,168 and 1.382, yielding a price of $713,491.
The Fibonacci Circle and Timezones further support these resistance points, projected for January 2024 and December 2025.
It is my belief that the peak of the impulsive wave 3 will occur at $292,000. By applying the Fibonacci retracement method, starting from this peak and extending back to $152, I have determined the 0.236 level to be a significant support zone at $49,000, and the correction wave 4 in the highest Elliott wave cycle. With this in mind, the path is clear for the final impulsive wave 5 to reach the 1.382 Fibonacci extension at $713,491 by December 2025.
As a Bitcoin enthusiast, I acknowledge that forecasting the future price of Bitcoin is a complicated and daunting task. While I do not claim to possess a magical crystal ball, I do possess a deep-seated passion for examining market trends and analysing data. That's why I have been experimenting with various technical analysis methods, including Elliott Wave Theory, Fibonacci Circles, Fibonacci Timezones, Fibonacci Extensions, and Fibonacci Retracements.
My approach merges Elliott Wave Theory, which sheds light on market tendencies, with Fibonacci analysis, which provides me with a more profound understanding of market behaviour through the Fibonacci number sequence. This combination allows me to gain a broader perspective of price movements and make more informed predictions. Fibonacci Circles, Fibonacci Timezones, and Fibonacci Extensions enable me to identify crucial support and resistance levels and visualize the potential for price movements. On the other hand, Fibonacci Retracements help me monitor where the price may retrace during a trend. Through my personal exploration of these analysis methods, I aspire to offer a novel outlook on the future of Bitcoin:
My analysis of the Elliott Wave reveals that Bitcoin is poised for an impulsive wave 5, which is part of an impulsive wave 3 at a higher degree.
Utilizing the Fibonacci extension method, I have identified resistance points at 1.236 with a price level of $292,168 and 1.382, yielding a price of $713,491.
The Fibonacci Circle and Timezones further support these resistance points, projected for January 2024 and December 2025.
It is my belief that the peak of the impulsive wave 3 will occur at $292,000. By applying the Fibonacci retracement method, starting from this peak and extending back to $152, I have determined the 0.236 level to be a significant support zone at $49,000, and the correction wave 4 in the highest Elliott wave cycle. With this in mind, the path is clear for the final impulsive wave 5 to reach the 1.382 Fibonacci extension at $713,491 by December 2025.
- $30.400
- $34.375
- $69.000
$292k is still on the table. It would certainly make sense if a Bitcoin ETF were to be approved. The SEC has until August 13th to decide whether to approve, deny, or postpone a Bitcoin ETF by 21Shares and Ark Invest.
BlackRock, Bitwise, VanEck, WisdomTree, and eight other prominent contenders are vying for a position in the Bitcoin ETF arena. It's not a matter of if, but rather a question of when. The timing feels right, in my opinion.