BITCOIN Can it hit $200k on this Cycle?

Bitcoin (BTCUSD) continues to see enormous grow, despite the recent 2-week consolidation (blue circle) after breaking the previous All Time High (ATH). BTC is no stranger to such a consolidation as it also took it 3 weeks trading sideways when it hit the ATH during the previous Cycle in November 2020.

What followed after that was an aggressive rally marginally above the 1.618 Fibonacci extension and after a pull-back to the 1W MA50 (blue trend-line), it rebounded for a "Double Top" Cycle peak marginally above the 1.618 Fib one.

The two sequences are identical, and the similarities on the 1W CCI even are striking. Symmetry is at its best and it may be attributed to the fact that the dominant pattern for Bitcoin in the past 7 years (since July 2017), has been a Channel Up. The Fibonacci retracement levels offer an excellent display of the price movements and symmetry of the trends.

As a result, we are expecting a parabolic rally to break-out soon, with a first Target on the 1.618 Fib at $180000. If the same "Double Top" formation is followed, we can even see a Blow-off Top as high as $200000. Both of those targets are restrained below the 0.786 Fib level of the Channel Up. It BTC follows the standard Higher High pattern on Channel Ups, we may even see prices as high as $300k but best to take the more conservative route.

But what do you think? Can we reach $200k during this Cycle? Feel free to let us know in the comments section below!


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