The cryptocurrency behemoth Bitcoin appears to have experienced notable fluctuations, resulting in its value falling to $91,000 after hitting a new all-time peak. Nonetheless, a cryptocurrency analyst argues that BTC’s upward trend has not yet hit its zenith, hinting at a forthcoming ascent toward unprecedented heights and a market pinnacle.
Market Pinnacle For Bitcoin Above The $200,000 Threshold
Bitcoin faces challenges in regaining critical resistance thresholds following a retracement. In spite of the steep correction and market volatility, Mags, a veteran market analyst and trader indicates that BTC’s bullish market cycle remains robust in the long run.
The analyst provided insights on BTC’s market fluctuations amid conjectures regarding the asset achieving its maximum for this cycle. The overall trajectory of Bitcoin continues to rise, even though significant support thresholds have been challenged by transient pullbacks, which is an optimistic indication for another surge in the coming months.
Mags’ evaluation is founded on significant Fibonacci extensions that have historically indicated a rally and a potential market peak. It is noteworthy that Fibonacci extensions are crucial in identifying the next possible resistance thresholds.
Increased volatility may have impeded upward momentum, yet Mags anticipates that BTC will enter a price recovery shortly. Once the leading asset begins to recover its price, the analyst has pointed out 3 distinct critical Fibonacci extension levels in its bullish trajectory such as 1.618, 2.618, and 3.618.
Reflecting on historical cycle trends, these Fibonacci extension levels could assist in forecasting BTC’s next surge and pinpointing its market peak for the current cycle. As observed in the preceding bull cycle, Bitcoin peaked at the 3.618 Fibonacci extension prior to entering a bear market.
Meanwhile, BTC is being repelled at the 1.618 fib extension level in the present cycle, marking the initial significant resistance in its ascent toward new highs. Firm support and a breakout beyond this level are anticipated to encourage further upward movements to additional fib extension points.
When this occurs, Bitcoin is predicted to surge to the subsequent extension of 2.618, which is situated near $154,522, before advancing to the final extension of 3.618 at approximately $207,701. Mags encourages investors to monitor these levels as the price shifts toward a favorable direction once more.
Is It The Right Moment To Acquire BTC?
In the midst of increased volatility, market expert and trader Daan Crypto Trades, utilizing pivotal indicators has determined the optimal moment to buy or sell BTC.
Employing the Bitcoin 2-Year MA Multiplier tool, the expert emphasized that when the price trades below the 2-Year MA, it has historically been an opportune time to acquire BTC. Concurrently, when prices surpass the 2-Year MA 5, it generally signifies that BTC has become overextended and may be approaching its peak.
Currently, Bitcoin’s price is positioned between the 2-Year MA and the 2-Year MA 5. According to the analyst, this is not the ideal juncture for long-term acquisitions. Nevertheless, it is also not as overextended as observed in previous cycles.
Featured image from Unsplash, chart from Tradingview.com