Fibonacci extension levels BTC prediction
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In my chart, I've utilized Fibonacci extension levels to identify possible support and resistance areas, with key ratios like 1, 1.618, and 2.272 providing insights into future price movements.
I'm predicting the end of the current Bitcoin cycle around the 222K level, suggesting that it could be a significant peak. Furthermore, I'm projecting the next cycle to initiate from approximately 50K correction, aiming for a lofty goal of over 2M. This is a speculative projection based on my analysis. Let's see if this idea will come to fruition.
I'm predicting the end of the current Bitcoin cycle around the 222K level, suggesting that it could be a significant peak. Furthermore, I'm projecting the next cycle to initiate from approximately 50K correction, aiming for a lofty goal of over 2M. This is a speculative projection based on my analysis. Let's see if this idea will come to fruition.
Note
The ongoing cycle spans across two halving events, primarily due to the market reset triggered by the COVID-19 crash. In my view, the COVID-induced reset weakened bullish momentum in the current cycle, making it challenging for bigger market participants to break through the double accumulation phase. Now we have enough ETF related "steam" to reach the 2.272 fib level
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