Bitcoin has recently been showing a strong upward trend, with its price reaching an all-time high of $73,750 on March 14, 2024. This price surge comes amidst ongoing market volatility, where the BTC has experienced significant fluctuations but generally maintained an upward trajectory. Investors and market analysts keenly observe these movements, especially after the recent April 19, 2024, Bitcoin halving event.
CryptoMainly, a well-regarded analyst, recently shared an analysis that provides an optimistic forecast for Bitcoin’s future price. Utilizing Fibonacci retracement levels on a logarithmic scale, CryptoMainly’s chart tracks BTC’s historical price movements around previous halving events and projects potential future prices based on these patterns.
In the past, these halving events have significantly impacted Bitcoin’s price, often pushing it to new heights. CryptoMainly highlights that Bitcoin’s price reached notable Fibonacci extension levels during the previous cycles. Specifically, in the last cycle, BTC only reached the 1.618 Fibonacci extension level, while in the two cycles prior, it reached up to the 2.36 level.
Bitcoin Price Forecast: Key Fibonacci Levels
According to his analysis, based on historical data, BTC could reach between the 1.618 and 2.36 Fibonacci extension levels in the current cycle. This translates to a potential price range of a minimum of $173.8K, corresponding to the 1.618 Fibonacci level, and a maximum of $527K, corresponding to the 2.36 Fibonacci level.
However, CryptoMainly also cautioned, advising investors to remain vigilant of potential warning signs that could affect these projections. This caution suggests that despite the optimistic forecast, the market remains unpredictable, and risks should not be overlooked.
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