Despite recent volatility causing Bitcoin’s price to drop as low as $91,000 after reaching a new all-time high, a crypto analyst believes that BTC’s bull run is far from over. The analyst suggests that Bitcoin is poised for an impending move toward new highs and a market top above the $200,000 level.
The analyst, Mags, bases his analysis on critical Fibonacci extensions that have historically signaled rallies and potential market peaks. According to Mags, Bitcoin is currently being rejected at the 1.618 Fibonacci extension level, marking the first key resistance in its rally toward new highs. However, strong support and a breakout above this level are expected to bolster further uptrends.
If Bitcoin surges past the 1.618 Fibonacci extension, Mags predicts that it will move to the next extension of 2.618, located close to $154,522, before ultimately reaching the 3.618 extension at around $207,701. Investors are urged to keep a close eye on these levels as Bitcoin’s price shifts back toward a positive direction.
While the current market volatility may have hindered Bitcoin’s upside momentum, the overall trend remains bullish. As long as Bitcoin maintains its position above key support levels, the potential for another breakthrough in the coming months remains strong.
It is important to note that while the current price action is encouraging for a continued bull run, it is not without risks. Investors should always exercise caution and manage their risk accordingly when investing in cryptocurrencies.
Tags: Bitcoin, BTC price prediction, crypto market analysis, Fibonacci extensions, bull run
Source: https://bitcoinist.com/bitcoin-bull-run-not-over-yet/