The crypto analyst shared one more simple indicator for the Bitcoin (BTC) bull run and new highs. Analyst @TechDev_52 shows how Fibonacci Retracement Levels can mark the top of every Bitcoin (BTC) bullish cycle. Details cryptocoin.com‘in.
New highs for bitcoin
Cryptocurrency commentator and analyst known on Twitter by the nickname @TechDev_52 announced another model that could prove fruitful in defining the Bitcoin (BTC) macro cycle peak the other day. According to the latest tweet shared by @TechDev_52, which drew attention to the important levels to watch before, the performance of the flagship cryptocurrency Bitcoin (BTC) is repeating itself at the macro level.
If we take 1.272 as the Fibonacci level for the bottom of the Bitcoin (BTC) cycle, then the 2.272 level can confidently predict the top. This assumption worked perfectly in both the 2013 and 2017 cycles. This calculation works if the Fibonacci Retracement Levels are applied on a logarithmic scale. On a linear scale, the Bitcoin (BTC) bull run peak can be found at 5.618. If true, Bitcoin (BTC) could print the top of its next bullish cycle above $233,000, or roughly 3.6 times today’s price.
One of the commenters at the bottom of the tweet noted the $233,000 level as the next Bitcoin (BTC) peak was also confirmed by the “Golden Triangle”, a sophisticated macro technical analysis model. The crypto king can hit highs between December 2021 and March 2022. As previously reported, @TechDev_52 shared a report on how to use the Relative Strength Index (RSI) to find out when Bitcoin (BTC) is approaching the final stage of its bull run. In technical analysis, Fibonacci retracement levels show the clearest support and resistance levels based on the start of this or that cycle.
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