Pseudonymous analyst, Titan of Crypto, has recently shared insights regarding the potential cycle top for Bitcoin, offering two conservative predictions based on historical Fibonacci extension levels.
The analyst outlined their reasoning, citing previous Bitcoin cycles and Fibonacci extension levels: the 1st and 2nd cycles of Bitcoin found their tops within or at the top of the 227.20% to 241.40% Fibonacci extension levels.
Meanwhile, the 3rd cycle peaked at the top of the 141.40% to 161.80% Fibonacci extension levels. Considering the tendency for returns to diminish over time as markets mature,
Based on these assumptions, the analyst presented two potential cycle top targets, both conservative estimates: a range between $103,000 and $127,500 for the most conservative prediction and a target of $172,500.
However, Titan of Crypto acknowledged Bitcoin’s current bullish sentiment, stating that the cryptocurrency could surpass these estimates.
Moreover, the analyst recently shared how Bitcoin is heading toward the blue line of the Power-Law Corridor, a model that uses logarithmic scales to plot Bitcoin’s price plus time. If it goes beyond that line, it will “go bananas.”
At press time, Bitcoin is trading at around $67K, up 5.5% from yesterday and nearly 30% in the last seven days. BTC has surged so much that it hit ATHs against multiple fiat currencies.
As such, the asset has recorded a meteoric surge in interest, propelled mainly by the approval of the Bitcoin Spot ETF, of which BlackRock’s IBIT has amassed over $10 billion in assets under management.
However, caution is also advised, as the $69K mark seems to be a significant resistance zone for traders.