BITCOIN Fibonacci levels showing $76k and $110k possible next

INDEX:BTCUSD   Bitcoin / U.S. Dollar
The recent break-out has turned Bitcoin’s sentiment bullish again, at least on the short-term, but what about the long-term? On this analysis I am looking at the long-term price action, particularly since the benchmark of our times, the COVID market crash. In doing so, I have applied the Fibonacci extension levels (log scale on the chart).

** Fibonacci levels since the COVID crash **
As you see, those levels play quite a significant role in determining Resistance and Support pressure points. Notice how the 10500 level (1.0 Fib) acted as a Resistance (and double top in particular) in May 2020, then how it turned into the Support in October that kickstarted the great parabolic rally of October 2020 - April 2021.

The 2.0 Fib has been the Support since January 2021 and as you see has held on 5 occasions, the most recent one initiated the current rebound of July - August 2021. At the same time, the zone around every 0.5 interval (1.5, 2.5) usually turns into a high volatility area (within the wider .382 - .618 margins).

** Where are we now? **
Currently BTC is within that zone. Does this mean we should expect high volatility ahead and a pause of this July/ August rebound in September? It is not impossible. What is more important is what the target could be once the consolidation breaks.

Based on the two previous times, BTCUSD hit the next available Fib on both with (A) hitting 1.0, while (B) even managed to break above the 2.0 Fib and as high as 2.382 before it consolidated again. We can therefore argue that we are looking at either a High around $76000 (3.0 Fib) based on scenario (A) or even $110000 (3.382 Fib) based on scenario (B).

Time will tell, and it will certainly be interesting to see if history will repeat itself again! Do you think it will and if yes which of the two waves (A or B) is a more probable target? Feel free to share your work and let me know in the comments section!

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