According to the analysis, Bitcoin is in the Accelerated Uptrend Channel, $68,700 will be the Top in short term.
The recent ATH can be considered as at center, then we use the Fibonacci indicator to divide the upper and lower part of the rising channel. Based on the former highest point, we can predict that the Bitcoin price will retrace back to 38% Fib level, which is the starting point of this bull market.
From the above charts, we can notice that before Bitcoin surged to $68,700, there will still be 2/3 of the time that it is trading within the “buy zone”. In the short term, as the uptrend channel converges, the rising pace will accelerate. Then, a massive price correction will follow. However, Bitcoin may break above $100,000 in the relatively long run. If BTC did plummet back to $20,000, then climb to hit $100,000, we will see asymmetry between the peaks.
The recent ATH can be considered as at center, then we use the Fibonacci indicator to divide the upper and lower part of the rising channel. Based on the former highest point, we can predict that the Bitcoin price will retrace back to 38% Fib level, which is the starting point of this bull market.
From the above charts, we can notice that before Bitcoin surged to $68,700, there will still be 2/3 of the time that it is trading within the “buy zone”. In the short term, as the uptrend channel converges, the rising pace will accelerate. Then, a massive price correction will follow. However, Bitcoin may break above $100,000 in the relatively long run. If BTC did plummet back to $20,000, then climb to hit $100,000, we will see asymmetry between the peaks.
