- Fibonacci levels suggest Bitcoin could see a 52% increase, reaching $109,236 by year-end if the trend holds.
- Bitcoin’s price has consistently aligned with Fibonacci levels, indicating potential bullish momentum through 2024.
- RSI recovery and MACD bullish crossover point to possible continued upward momentum for Bitcoin in the near term.
According to @CryptoCon_, “This #Bitcoin Fibonacci extension has accurately found each local high of this cycle. The next 52% increase and .618 extension is set to push over the legendary $100,000 threshold at $109,236.”
This prediction, based on Fibonacci extension levels, outlines a bullish trend for Bitcoin, potentially culminating in a price of $109,236 by the end of 2024. This projection is rooted in previous price patterns, where each high has aligned closely with Fibonacci levels, creating a speculative yet intriguing forecast for the cryptocurrency.
Fibonacci Extension Levels and Key Price Milestones
The Fibonacci extension levels indicate notable price points. The 1.618 level was marked near $30,362 in April and July 2023, signaling local highs. The next key level, 2.618, stands at approximately $46,831, with Bitcoin expected to reach this level by January 2024.
The subsequent levels, 3.618 and 4.618, are projected to be near $71,591 and $109,236, respectively. These levels suggest a potential 52% increase between each stage, indicating a progressive rise in Bitcoin’s value.
Source: CryptoCon on X
Historical Price Action and Future Projections
The chart highlights two retracement points that serve as the foundation for these projections. Notably, Bitcoin’s price has shown a pattern of retracement followed by substantial gains, aligning with the Fibonacci extensions.
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If this trend persists, the price could reach $109,236 by December 2024. However, this projection remains speculative, with market conditions playing a crucial role in determining the actual outcome.
Technical Indicators Point to Bullish Momentum
Supporting the Fibonacci-based analysis, technical indicators suggest a bullish momentum for Bitcoin. The Relative Strength Index (RSI) currently sits at a neutral level of 57.71, having recovered from an oversold position.
Source: CryptoRank
Additionally, the Moving Average Convergence Divergence (MACD) indicates a bullish crossover, with the MACD line above the signal line and a positive histogram. These factors collectively suggest a potential continuation of the upward trend, although market dynamics could influence the trajectory.
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