Congratulations to everyone who is reading this post. If you are reading this, you are involved with cryptocurrencies, and if you are involved with cryptocurrencies, this is a historic moment for us all. BTC has smashed the previous all-time high and is now trading at a 10% higher price than its previous ATH of 2017. We have made it!
The major reason for this rally has been the influx of investments from institutions. Several institutional investors have invested millions of dollars individually in the favorite crypto asset – Bitcoin. This has fueled speculation of Bitcoin price breaching $100,000. Let us perform some technical analysis on the BTC charts to look for potential BTC targets on a higher time frame.
If we try to see the possible targets for BTC a few years down the lane, the best tool that we have is extended fibs since BTC is in an entirely new territory. The possible targets for BTC would be $23,933 at 0.618, $25,616 at 0.786, $27,761 at 1, $33,953 at 1.618, and $43,973 at 2.618.
There will be a lot of corrections in between, and BTC still has a very high possibility of going down all the way till the support at $19,990, $17,700, and $15,600 to continue this journey upwards. But we are analyzing the possible new ATH which BTC can reach.
If we look at the weekly chart of BTC, considering that the previous 2017 high was our top before the reversal towards the March 2020 lows of $3,500, an extension from these two levels suggest that, in few years, BTC can reach towards targets as high as $32,124 at 1.618, $50,000 at 2.618, $67,980 at 3.618, and $79,000 at 4.236. It will take months to years for BTC to reach these targets.
The monthly chart of BTC/USD suggests a target of up to $82,500.
These are the possible Bitcoin price targets based on fib extensions. While we reach these targets, many major corrections will take place, and we will help you catch all the swings from lows to highs and highs to lows.
Images courtesy of TradingView.
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