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Bitcoin Headed To $135,000? Analyst Uses Fibonacci Extension To Make the Case
In a recent analysis, a prominent analyst has sparked controversy in the cryptocurrency market by predicting that Bitcoin’s price will surge to an unprecedented $135,000. The basis for this prediction lies in the application of Fibonacci extension analysis.
Fibonacci extensions are a mathematical tool used to identify potential price targets based on historical data and patterns. By applying this method to the current market conditions, the analyst has drawn a conclusion that is both intriguing and alarming.
The argument put forth by the analyst centers around the idea that Bitcoin’s recent price action has mirrored that of the 2017 bubble, where the cryptocurrency experienced an explosive growth phase before correcting sharply downwards. According to this theory, it is possible that Bitcoin will once again experience a similar movement, potentially leading to a $135,000 valuation.
The analysis itself relies on the observation that the current market structure bears striking similarities to the patterns seen during the 2017 bubble. Specifically, it highlights a series of identical price movements and trends that have repeated themselves in both instances, with an added layer of complexity provided by recent events such as Elon Musk’s involvement in the space and the rise of decentralized finance (DeFi) platforms.
This prediction comes at a time when Bitcoin is experiencing significant growth, despite being down significantly from its all-time high. While some analysts see this as an opportunity to invest, others are sounding alarm bells due to concerns over the potential for another sharp correction should the market experience a reversal in momentum.
As the debate continues to unfold within the cryptocurrency space, it remains unclear whether or not the analyst’s prediction will materialize. However, it is certain that the market will be closely watching Bitcoin’s price action in the coming weeks and months to gauge any progress towards this target.
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Source: https://bitcoinist.com/bitcoin-headed-to-135000-analyst-uses-fibonacci-extension-to-make-the-case/
