Bitcoin has just made a new local high. $40,000 awaits, with $48,000 the big target going into 2024.
Grinding upward
Those who still don’t believe in this crypto bull market had better believe their eyes as bitcoin continues to just keep on grinding upward. The king of the cryptocurrencies has just produced a new local high at $38,440, and is looking to move higher during Wednesday.
Source: Trading View
Fibonacci foretells the price move
Zooming right out on the weekly time frame for bitcoin it can be seen how accurate the fibonacci sequence was for foretelling the next top after the bitcoin bull market that ended in 2017/2018. The price reached the 0.618 fibonacci on 24 March 2019.
We bring things forward to the last bull market of 2019, which topped on 8 November that year. Taking a fibonacci measurement from there down to the bottom at around $15,600 in November 2022, it can be seen that the 0.618 fibonacci comes in at just above $48,000.
Source: Trading View
Adding in a trend line that bitcoin has respected since early 2021, it can be observed that as long as bitcoin stays above, the trend line can carry bitcoin towards convergence with the 0.618.
Time to reverse?
Will this be the point at which bitcoin makes a really sizable reverse? It could be, but one would also expect bitcoin to continue up after this, as it takes advantage of the 4 year liquidity cycle as outlined by macro investor Raoul Pal, in which the world’s central banks appear to be keeping in step.
Whatever happens, bitcoin continues to surprise, and this next move should lift everyone out of the ‘disbelief’ phase, and firmly into ‘hope’, and ‘optimism’.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
