Bitcoin

Resistance

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoins-upward-trajectory-analyst-targets-new-highs" rel="noopener noreferrer nofollow">Bitcoin’s Upward Trajectory: Analyst Targets New Highs</a><br></p>
<p style="text-align: justify">The leading <a href="https://en.bitcoinhaber.net/lugano-becomes-the-first-city-in-switzerland-to-accept-cryptocurrency-payments-for-taxes-and-fees" rel="noopener noreferrer nofollow">cryptocurrency</a>, <a href="https://en.bitcoinhaber.net/bitcoin-whales-gather-strength-in-crypto-seas" rel="noopener noreferrer nofollow">Bitcoin</a>, has been on a rising trend, with a notable analyst from the Crypto community sharing insights into its potential peak prices based on historical patterns. Drawing upon Bitcoin’s past market cycles, the analyst identifies key Fibonacci extension levels that have coincided with previous cycle highs, offering projections for the next potential peak. These projections are made with the consideration of the principle of diminishing returns, a common phenomenon as markets develop over time.</p>
<h2 id="analyst-projects-conservative-peak-targets">Analyst Projects Conservative Peak Targets</h2>
<p style="text-align: justify">The analyst, referred to as Titan of Crypto, bases their forecasts on the use of Fibonacci extension levels that have historically aligned with Bitcoin’s peak prices in prior cycles. These metrics suggest a future cycle peak that could reasonably reach between $103,000 and $127,500. An alternative, yet still conservative, prediction sets the potential peak at around $172,500.</p>
<p style="text-align: justify">Titan of Crypto maintains a positive outlook on Bitcoin’s price movement, indicating a belief that the cryptocurrency could even surpass these projected targets. They refer to a model known as the Power-Law Corridor, which uses a logarithmic scale to map Bitcoin’s price progress over time. A climb above the corridor’s blue line could signal substantial price escalations, according to the analyst.</p>
<h2 id="bitcoin-s-current-performance-and-resistance-ahead">Bitcoin’s Current Performance and Resistance Ahead</h2>
<p style="text-align: justify">Presently, Bitcoin has witnessed a 5.5% jump in value over the last day, with its price hovering around $67,000. In just the past week, it has climbed nearly 30% in value. This recent boom is partly fueled by the U.S. approval for spot Bitcoin ETFs, bolstering investor confidence.</p>
<p style="text-align: justify">However, as Bitcoin inches closer to the $69,000 mark—a key resistance level—market observers advise caution. This price point could represent a significant challenge during the current cycle, potentially triggering a sharp pullback if Bitcoin fails to break through.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoins-upward-trajectory-analyst-targets-new-highs" rel="noopener noreferrer nofollow">Bitcoin’s Upward Trajectory: Analyst Targets New Highs</a></h5>

Bitcoin’s Upward Trajectory: Analyst Targets New Highs

Table of Contents

BH NEWS

Other articles published on Mar 5, 2024

Crypto Market Surge Strains Centralized Exchanges

Bitcoin (BTC) Price To Hit New ATH in Next Few Hours, What To Expect Next?

Elon Musk Engages with Bitcoin Amid Social Media Outages

SEC postpones decision on BlackRock and Fidelity’s Ethereum spot ETF

Tether launches recovery tool to migrate USDT between blockchains

Shiba Inu tops $1.7 billion on Coinbase despite price drop

Join our free newsletter for daily crypto updates!