Bitcoin He gathered massively Over the past seven days, publishing an impressive price gain of almost 9% after having climbed from about $ 108,300 to almost $ 118,800. This move was quite surprising, in particular when the process saw Bitcoin who canceled his previous historian Since the end of May, breaking over $ 111,970.
But according to the technical analyst Bitcoin Cryptocon, this breakout It could only be the beginning. In a recent post on the X social media platform, Cryptocon has revealed a long -term cycle model that indicates a more ambitious price goal for Bitcoin.
The analyst reveals BTC’s golden number for this cycle
In A recent post on Social Media X platform, Cryptocon revealed to long -term cycle model This indicates a more ambitious target for Bitcoin. His analysis is based on the extension of Fibonacci 5,618, which is a number that says has perfectly aligned with each previous cycle. The projection opens the possibility if Bitcoin’s current move marks the beginning of another parabolic race.
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The analysis of the Cryptocon technical graphic designer is based on the recurring level of Fibonacci 5,618 extension in previous market cycles. The analyst shows how the previous Bitcoin tops have fallen at a surprising distance from this precise extension by measuring the move of each market cycle and applying this golden relationship.
The table showed below presents the $ 30.84 peak in June 2011, the $ 1.205 top in November 2013, the maximum of $ 18,702 from December 2017 and the $ 63,839 peak in November 2021. Each of these market tops, as shown in the Bitcoin price card, converged on the same 5,618 5.618 from their previous market kicks.
Now, using the same approach in the current cycle, Cryptocon has shown that the next important step for Bitcoin is between $ 170,000 and $ 180,000. In particular, the extension of Fibonacci 5,618 indicates a “golden number” of $ 184,181 for the price of Bitcoin in this cycle.
Bitcoin price compression is about to expand violently
Several important forces seem to have contributed to the recent increase in BTC in the last 48 hours. A Significative short waste According to reports, at the beginning of the week he swept away over $ 1 billion in bearish positions. At the same time, Bitcoin Etf Spot based in the United States have recorded over $ 1 billion daily affluent in the last two consecutive days.
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In his post X, Cryptocon also commented on the current state Of the Bitcoin graphic: “All the boring action of prices is coming to a narrow; it cannot remain so forever”. This observation reflects the long period of exchanged close between $ 105,000 and $ 108,000 that Bitcoin has experienced in the previous two weeks.
At the time of writing writing, Bitcoin is exchanged at $ 117,762, portraying slightly after reaching the most recent maximum of $ 118,667, according to Coingecko’s data. Other cryptographic analysts are now looking at the $ 130,000 region As another area of consolidation activity On the road to the possible peak of the cycle.
First floor image from Pixabay, TradingView.com graphics