Bitcoin Sees Significant Recovery
Over the past week, Bitcoin has experienced a remarkable rebound, rising nearly 9% from about $108,300 to close to $118,800. This surge came as a surprise, particularly since Bitcoin has been breaking through previous all-time highs since late May, surpassing the $111,970 mark.
However, according to a Bitcoin technical analyst known as Cryptocon, this upward movement might be just the start. Recently, on the social media platform X, Cryptocon shared insights about a long-term cycle pattern that points to even more ambitious price targets for Bitcoin.
Analysts Reveal BTC Golden Number for Current Cycle
In this latest post, Cryptocon highlighted a long-term cycle pattern that suggests a more aggressive target for Bitcoin. His analysis revolves around the 5.618 Fibonacci expansion, which he claims is well-aligned with previous cycle peaks. This new projection suggests that Bitcoin’s current trajectory could signal the onset of another significant price surge.
Cryptocon’s technical analysis relies on the consistency of the 5.618 Fibonacci extension noted in past market cycles. By examining how Bitcoin has previously reached its highs and applying this golden ratio, analysts illustrate a pattern where past peaks gathered around this critical number.
The historical peaks referenced include $30.84 in June 2011, $1,205 in November 2013, $18,702 in December 2017, and $63,839 in November 2021. Each of these high points has closely aligned with the key Fibonacci level of 5.618.
Applying this rationale to the ongoing cycle, Cryptocon predicts that Bitcoin’s next major price action could land between $170,000 and $180,000. Specifically, the 5.618 Fibonacci extension indicates a “golden number” of $184,181 for Bitcoin in this cycle.
Bitcoin Price Compression Set for Expansion
Recent developments appear to have played a role in the BTC surge over the last 48 hours. A significant short squeeze reportedly eliminated bearish positions earlier this week, and concurrently, the US-based Spot Bitcoin ETF has reported over $1 billion in daily inflows for two consecutive days.
In his post on X, Cryptocon also remarked on the current Bitcoin chart situation. “All boring price action is under pressure,” he noted, reflecting on the prolonged periods of lateral movement Bitcoin has experienced recently, hovering between $105,000 and $108,000.
According to data from Coingecko, Bitcoin is trading around $117,762 at the moment, showing a slight drop after reaching a peak of $118,667. Other crypto analysts are eyeing the $130,000 range as another potential area of consolidation as the market progresses toward a possible peak in this cycle.
