Bitcoin Approaches the Onset of Historically Aggressive Bullish Phase
A technical analyst has emphasized that bitcoin is nearing the critical point where the most fervent part of its bull cycle typically commences, potentially leading to a surge in its value to $300,000. The analyst described this projection as undeniably technical, based on the precise measurements of bitcoin’s high-to-low at the time it touched the Mayer Multiple Mean (MM).
Bitcoin, on its way to the Historic Starting Point of Bull Cycle
Tradingshot, a well-known Tradingview contributor with a substantial following of over 72K, has shared valuable insights into the future trajectory of bitcoin’s price. In a recently published post titled “Bitcoin: This Marks the Historic Starting Point,” Tradingshot utilized the Mayer Multiple Mean, a technical indicator that gauges bitcoin’s current price in relation to its 200-day moving average, to analyze the coin’s trajectory.
The analyst explained that bitcoin has successfully tested and held the MM Mean (red trend-line) and is presently consolidating, as depicted in the chart below. Tradingshot highlighted that the green arrows indicate the point where the most aggressive part of the bull cycle has historically begun. The analyst pointed out that during instances like July 2013, when the MM Mean was marginally breached, the subsequent rebound was even more remarkable and forceful.
Furthermore, Tradingshot elaborated on how by measuring Fibonacci extensions from the low of the MM Mean to the preceding high, it becomes evident that Cycle 1 surpassed the 2.0 Fibonacci level. Subsequently, Cycle 2 doubled the Fibonacci level of Cycle 1, reaching 4.0, and Cycle 3 doubled that of Cycle 2, reaching 6.0. This pattern suggests that Cycle 4 might achieve an 8.0 Fibonacci level by adding 2.0 to the Fibonacci level of Cycle 3.
The analyst concluded by stating, “We can assume, of course, always with a certain degree of uncertainty, that Cycle 4 might be +2 Fib more than Cycle 3’s Fib, i.e., 6.0 + 2.0 = 8.0.” This projection leads to the $300,000 estimate, based on the precise high-to-low measurements at the time bitcoin touched the MM Mean.
What are your thoughts on the possibility of bitcoin reaching $300,000 in this cycle? Let us know in the comments section below.
