BITCOIN History rhymes and calls for as high as $300k!

3 juil.

This is a post Halving update to the 'Fibonacci Channel blueprint' analysis we've made almost a year ago. The price action has been even more aggressive than what we expected so relevant adjustments had to be made.

On this chart, we yet again rely on the long-term time-frames of Bitcoin (BTCUSD) for a more meaningful illustration of its historic Cycles. Those are patterns that have repeated themselves over and over again, with some variations of course based on the current market conditions.

** The Fibonacci Channels **
Right now the price has completed 4 months of consolidation following the early March All Time High (ATH), always above the 1W MA50 (blue trend-line). This consolidation is consistent with all previous post-Halving price actions as BTC always traded sideways and accumulated in the weeks after the Halving, in preparation for the Parabolic Rally, the Cycle's most aggressive phase.

The previous Cycles topped near Fibonacci trend-lines of prior Cycle Channels. For example the December 2017 Cycle Top was formed just below the bottom (Fib 0.0) of the orange Fibonacci Channel that started from the previous Cycle bottom. The November 2021 Top was formed just below the middle (Fib 0.5) of the blue Fibonacci Channel. This could be a +0.5 Fib progression and in that case the Top of the current Cycle might be just below the top (Fib 1.0) of the black Fibonacci Channel that started on the December 2018 bottom.

At the same time, another condition that it 'needs' to fulfil is being just below the 0.0 Fib of the Blue Channel, similar to what happened in December 2017 (just below Fib 0.0 of the orange Channel).

** The Halvings and 200k **
The 1.0 Fib is currently a little under $300000, and as we mentioned after the consolidation of each Halving, Bitcoin posts the most aggressive (parabolic) rally of the Bull Cycle. So that leads us to assume that the Top of the current Bull Cycle will be at least 300k. To give a relative sense of pathing, we have plotted the 'post Halving rallies' of the previous three Cycles on the current Channel starting on Halving 4.

As you can see, the orange (2013) and black (2020 - 2021) lines are more aggressive than the purple (2016 - 2017) but the latter is the one that, as we've posted numerous times, the current Cycle has the most similarities with. If Bitcoin follows the purple price action within the black Fibonacci Channel, then it should reach 100k by December 2024 and 300k by August 2025. If instead it transitions to the more aggressive Cycle models, then it could reach those levels much earlier.

But what do you think? Is 300k realistic within the current Cycle? Feel free to let us know in the comments section below!

Feel free to let us know in the comments section below!

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