TradingShot

BITCOIN This cheatsheet has the next top at 300k. Dream or not?

INDEX:BTCUSD   Bitcoin / U.S. Dollar
I have posted this chart a while ago but with Bitcoin breaking and closing the day above the 1D MA200 yesterday, it may be now more relevant than ever.

So as you see I've classified the historic price action into 3 Cycles:

* Cycle 1 starts on the All Time High ( ATH ) at the time on Fib 1.0, bottoms on Fib 0.0, makes the 1st post ATH High on the 1.618 Fib and makes a new ATH on the 2.272 Fib.
* Cycle 2 starts on the ATH 2.272 Fib, bottoms on the 1.618 Fib (which previously was where the 1st post ATH High of Cycle 1 was made), makes the 1st post ATH High on the 2.618 Fib (1.0 Fib higher than the 1st post ATH High of Cycle 1) and makes a new ATH on the 3.272 Fib (1.0 Fib higher than the previous ATH ).
* Cycle 3 starts on the ATH 3.272 Fib (which is 1.0 Fib higher than the previous ATH ), bottoms on the 2.618 Fib (which previously was where the 1st post ATH High of Cycle 2 was made) and makes the 1st post ATH High on the 3.618 Fib (1.0 Fib higher than the 1st post ATH of Cycle 2).

If the above sequence continues to hold then the next ATH for Cycle 3 should be on the 4.272 Fib, which will be 1.0 Fib higher than the previous. That value is roughly at $300k. Is that realistic to expect under the current macro-economic circumstances even by 2022? Feel free to share your work and let me know in the comments section!



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