Crypto analyst TradingShot recently shared valuable insights regarding the Bitcoin price recovery to $150,000. By analyzing Fibonacci levels, he offered a glimpse into how Bitcoin could potentially reach this impressive new high, although he also cautioned that we might witness further price corrections before that journey continues.
In a recent TradingView post, TradingShot indicated that a new high could be on the horizon, noting that Bitcoin has officially entered phase 3 of the bull cycle. The anticipated peak is projected at the -0.5 horizontal Fibonacci extension and the 2.0 Channel Fibonacci extension, aligning with the target of reaching $150,000. This figure marks the next technical extension of the channel.
TradingShot reflected on earlier phases of Bitcoin’s bull cycle, emphasizing that phases 1 and 2 involved a prolonged accumulation period, allowing room for a maximum correction to the 0.382 Fib level once again. With this in mind, he hinted at an exciting 100% rally ahead, potentially culminating in a staggering peak of $200,000 as phase 3 wraps up.
The analyst’s comprehensive chart illustrated that this target of $200,000 could be achieved between October and December 2026. Interestingly, this forecast aligns with Standard Chartered’s prediction that Bitcoin might also reach this mark by the end of 2025. While all this speculation swirls, TradingShot has also shed light on Bitcoin’s present price movements.
He observed that Bitcoin recently touched its 1-day 50 moving average (MA) for the first time in over two months, signaling a rebound. The emergence of short-term buyers became noticeable just last week, as Bitcoin neared the 50 MA again and experienced a robust rebound. This response reflects a natural technical reaction commonly observed during strong upward trends.
TradingShot pointed out that a crucial support level during Bitcoin bull cycles is the 1-week 50 MA, which has provided stability since March 2023. This support level was corroborated during tests on August 5 and September 6, with the latter marking a pivotal moment that officially ignited the current bullish surge in Bitcoin’s price.
Further delving into the Fibonacci Channel Up, TradingShot emphasized that bullish movements typically correlate to channel formations. Bitcoin has been tracing a Fibonacci Channel Up since hitting the bottom of the last bear cycle on November 21, 2021.
During phase 1 of the bull cycle, Bitcoin traded within the Fib 0.0 to 1.0 range. In phase 2, it shifted to the 0.5 to 1.5 range. For phase 3, the expectation is for Bitcoin to trade within the Fib 1.0 to 2.0 range. TradingShot noted a remarkable symmetry among the sequences, legs, and pullbacks within this pattern, emphasizing a historical tendency for rallies to result in significant surges. Notably, he pointed out the 100% rallies seen on April 14, 2023, and January 11, 2024, followed by subsequent pullbacks towards the 0.382 Fib retracement level. Based on past performance, a similar price trajectory could unfold for phase 3.
As the market continues to react, many Bitcoin enthusiasts remain hopeful yet cautious about the future. The excitement surrounding the numbers and the potential change in fortune keeps community discussions lively, proving that while the crypto market is volatile, there’s always room for optimism and humor along the ride.
