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Bitcoin Price Recovery To $150,000: Fibonacci Levels Show What To Expect Next
The Bitcoin (BTC) market has been experiencing a remarkable recovery since the September 6th low. The price action has seen an impressive surge of over 50% in just six weeks, leaving many wondering what’s next for the flagship cryptocurrency.
As we delve deeper into the technical analysis provided by TradingShot, we can see that the current bullish leg is not unusual given the historical context and support from the 1-week 50 MA. The analyst also highlighted the potential for the Bitcoin price to continue its upward trajectory based on the Fibonacci Channel Up pattern.
Based on this analysis, it appears that the next logical step would be for the Bitcoin price to test the Fib 0.382 retracement level . If history repeats itself, as seen in previous BTC bull cycles, we can expect a significant pullback towards this level before the price continues its upward momentum.
The analyst emphasized that during aggressive uptrends like this one, it’s crucial to respect the key support levels to avoid false breakouts and potential losses. In other words, if the Bitcoin price does indeed retest the 1-week 50 MA or even lower, investors should be cautious of shorting BTC at such a critical level.
As for the potential target of $150,000 mentioned in the article title, TradingShot did not explicitly mention it as a specific target. However, his commentary on Fibonacci levels and the possibility of the Bitcoin price continuing its upward trajectory does leave room for speculation about this target being a realistic possibility.
In conclusion, while we can’t say for certain whether or not the Bitcoin price will reach $150,000, we do have evidence suggesting that the current trend is sustainable and that it’s crucial to respect key support levels during aggressive uptrends like this one.
Source: bitcoinist.com
