2024-12-24 18:30 |
Crypto analyst TradingShot has provided insights into the Bitcoin price recovery to $150,000. He analyzed the Fibonacci levels to provide insights into how Bitcoin could reach this new high, although the analyst suggested that there could be more price correction before that happens.
The Bitcoin Price Recovery To $150,000In a TradingView post, TradingShot stated that the next high is on the horizon as the Bitcoin price has already entered phase 3 of the bull cycle. This next high is expected to be on the -0.5 horizontal Fibonacci extension and on the 2.0 Channel Fibonacci extension at the price of $150,000, which is the next technical extension of the Channel.
The crypto analyst cited phases 1 and 2 of the Bitcoin price bull cycle, noting that they started a multi-month accumulation phase with a potential maximum correction to the 0.382 Fib again. In line with this, TradingShot raised the possibility of another 100% rally and a possible top at $200,000 as phase 3 concludes.
The analyst’s accompanying chart showed that the Bitcoin price could reach this $200,000 target between October and December 2026. This aligns with Standard Chartered’s prediction that Bitcoin could hit this price level by year-end 2025. Meanwhile, TradingShot also provided more insights into the current BTC price action.
The analyst revealed that the Bitcoin price has touched its 1-day 50 moving average (MA) for the first time in over 2 months and is now rebounding. He added that the first presence of short-term buyers was actually felt last week when Bitcoin came close to the 50 MA again and rebounded aggressively. This is said to be a natural technical reaction during such aggressive uptrends.
TradingShot noted that the key support level during BTC bull cycles is the 1-week 50 MA, which has acted as support since March 2023 and was successfully tested twice on August 5 and September 6, the latter of which was what technically started the current bullish leg for the Bitcoin price.
Further Analysis of the Fibonacci Channel UpTradingShot provided a further analysis of the Fibonacci Channel Up. He noted that bullish legs are technically part of Channels. This time is no different as the Bitcoin price has been trading on a Fibonacci Channel Up since the very bottom of the last Bear cycle on November 21, 2021.
In phase 1 of the bull cycle, the Bitcoin price is said to have traded within the Fib 0.0 to 1.0 range. In phase 2, Bitcoin traded within the 0.5 to 1.5 range. For phase 3, TradingShot stated that he expects the flagship crypto to trade within the Fib 1.0 to 2.0 range.
The analyst highlighted the high symmetry between sequences, legs, and pullbacks within this pattern. He remarked that the one that stands out is that rallies so far tend to lead to a 100% surge. Specifically, TradingShot alluded to the April 14, 2023, and January 11, 2024 highs of over 100% rallies. The Bitcoin price then pulled back towards the 0.382 Fib retracement level. Therefore, this similar price action could play out for phase 3.
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