Analysis: Those Are The Two Fib Price Targets For Bitcoin’s Short-Term

Spread the love

With Bitcoin showing no signs of slowing down, a well-known analyst weighs in with some possible Fibonacci price targets for the short-term.

Bitcoin has been on an incredible run over the past couple of months. The price surged above the coveted $20,000 mark earlier in December and it shows absolutely no signs of slowing down, with a current all-time high at above $28,000.

Bitcoin Price on Steroids

Less than three months ago, bitcoin’s price was slightly above $10,000 and it’s unlikely that anyone could have foreseen what followed.

In October, the price started trending up and before we knew it, it had reached below $20,000. It was around the middle of December, however, when things started going parabolic.

In the past 10 days alone, bitcoin gained around $9,000 to its dollar value and it has a current all-time high set above $28,000 with no signs of slowing down.

Things are looking even more impressive when we zoom out a bit more. Bitcoin is up a whopping 650% since the lows in March and just shy of 300% on a year-to-date basis.

Now, analysts are taking their turns to call for the next short-term targets as we continue to march in price discovery.

RECOMMENDED READ:  Why now may be the best time for institutions to buy more bitcoin

$30K and $36K Are Next, Analyst Says

As bitcoin trades in uncharted territory, there’s a lack of reference points to help us pinpoint the following targets.

Well-known analyst and trader Alex Krüger, in his latest Twitter entry, discussed some possibilities as to where bitcoin’s price might be headed next.

“When an asset is trading all-time highs, there are no reference points from past trading history to use as levels. In that case, traders look at key round numbers and Fibonacci extensions. The BTC levels traders are looking at now are 30K (round number and fib) and 36K (fib).”

btcchart_targets
Bitcoin Fibonacci Price Targets. Source: Twitter

Of course, as always, it’s important to be particularly careful. In the past seven days alone, BTC is up more than 20% and a correction is not out of the question.

 846 Interactions,  10 today

READ ALSO:
How Bitcoiners profit from inflation where fiat holders lose.

Currency volatility and hyperinflation appeared unreal before a worldwide pandemic hit, causing economic havoc in several countries. Most economists started Read more

RECOMMENDED READ:  Binance Coin, BitTorrent Token, Ontology Price Movement Analysis for 10th April, 2021
What you need to know about Bitcoin in relation to real estate

Over the past few years, the rise of Bitcoin and the blockchain industry as asset groups has attracted a great Read more

What Is the Difference Between Bitcoin Realized and Unrealized?

Understanding the distinction between actual and unrealised gains and losses is one of the most critical facets in investing in Read more

December BTC futures cross $73,500 , so has everybody been going insanely optimistic?

Bitcoin's three-month futures premium hit a new peak of 50%, indicating market inefficiencies. For over a month, Bitcoin (BTC) has Read more

Bitcoin on-chain results show no bull market peak at $60K, and trading interest is decreasing.

According to Bitcoin on-chain results, speculators and long-term investors have become more secure in higher prices as their trading activity Read more

A bitcoin mining corporation has opened a branch in Austin, following in the footsteps of Tesla.

Tech firms such as Oracle, Tesla, Hewlett Packard, and now Blockcap are relocating to Austin, prompting others to refer to Read more

Why retail Bitcoin traders should foresee a price increase

Big Bitcoin wallet inflows indicate a bullish pattern turnaround in the coming week. The price is currently about $60000; but, Read more

Why this researcher believes the ‘hyperbitcoinization’ is not far from reality

Despite minor corrections over the last week, the Bitcoin price has been rallying higher, with the king coin once again Read more

Bitcoin Price Movement Analysis for 11th April, 2021

Is Bitcoin nearing its peak? It's unlikely. Many on-chain measurements revealed that, although Bitcoin was highly bullish, it had not Read more

Here was the moment Bitcoin surpassed $61k for the first time in history

The Bitcoin ($BTC) price burst through $61,000 for the first time in four weeks at 05:00 UTC on Saturday (April Read more

Is there a ‘revolution’ in Bitcoin mining in the United States?

Bitcoin, the world's first blockchain, was created to address the flaws of the centralised financial structure. PayPal co-founder Peter Thiel, Read more

Leave a Reply

Contact Us