That's what I thought at first when some fibs were targeting 5650 then 6131.
Then I was still in disbelief when 7500 and 8k were in line (see ideas below).
This chart is an example of a very special yet very natural Fibonacci Sequence.
Nature's "Golden Ratio" pattern is to increase by 1.618x during each cycle of growth.
This pattern is definitely present in all monetary markets as well, see any of my Ideas.
Markets most often move in a "Linear" sequence, like 1.618, 2.618, 3.618 , etc.
Once in a while we find TRUE growth: 2.618, 4.236, 6.853, ... (1.618x previous).
True growth also happens in microscopic scales, not readily observable in charts.
Some observers would call such growth to be "Parabolic" or "Exponential", etc.
I don't need to tell anyone that Bitcoin has been on such a growth path recently.
What I can share is the mathematics? physics? nature? Divine influence? behind it.
So this Idea is to present the rare example, and to follow the progress live.
I do think there are strong enough fundamentals to continue (see idea below).
But I also think we need a correction soon, or face a more dangerous retrace.
My last Idea calling for 8k, and why the fundamentals should allow it:
Previous Ideas calling for 5650, then 6131, etc, are linked below.
Zooming back out to the Daily, I see this possible path to the next Golden Fib EW is not my strongest skill, but that general path is acceptable. ie: consolidation between 11.089 and the 6.853, then launch out of the zone on the tails of a wave (3).
In addition to the "Golden Fib" in original chart above, we also have this Green "linear" fib of the entire move from the bottom. We see the Green 5.236 was in close proximity to the blue 15.325, and thus the strong reflection off the $9,0xx zone.
Zooming in all they way to 1min, there are clear Ripples emanating from the bounce That fib indicates $8,00x as possible wave ending. This does look more "Impulsive" than "Corrective". So I am "cautiously optimistic" that we may have bottomed, and we can continue to the $9988 destination.
the Trading View is my Nation
the Moderator Tag is my Flag
Wealthy I am not
Needy I hope not
Gifts do help out
🙏 BTC 🙏
send When you Can
send What you Want
gain Gratitude you Will