By NewsBlogger Bitcoin has been experiencing significant movements in the cryptocurrency market, with analysts highlighting Fibonacci extension levels to suggest possible cycle top targets while also reaching all-time highs against multiple fiat currencies and showing potential for further growth.
At a glance
- Bitcoin has been making significant movements in the cryptocurrency market.
- Titan of Crypto highlighted historical Fibonacci extension levels for possible cycle top targets for Bitcoin.
- Two potential cycle top targets for Bitcoin are $103,000 to $127,500 and $172,500.
- Bitcoin’s price has been on the rise, trading at around $67,000, up 5.5% from yesterday and nearly 30% in the last seven days.
- Bitcoin hit all-time highs against multiple fiat currencies, including the euro and the British pound.
The details
Bitcoin has been making significant movements in the cryptocurrency market, according to various analysts and experts. Pseudonymous analyst, Titan of Crypto, has highlighted historical Fibonacci extension levels to suggest possible cycle top targets for Bitcoin.
The 1st and 2nd cycles of Bitcoin found tops within or at the top of 227.20% to 241.40% Fibonacci extension levels. The 3rd cycle peaked at the top of 141.40% to 161.80% Fibonacci extension levels.
Titan of Crypto presented two potential cycle top targets for Bitcoin: $103,000 to $127,500 and $172,500.
The analyst also acknowledged Bitcoin’s current bullish sentiment. He stated that Bitcoin could surpass conservative estimates. Bitcoin’s price has been on the rise, trading at around $67,000. This is up 5.5% from yesterday and nearly 30% in the last seven days.
Bitcoin hit all-time highs against multiple fiat currencies. It reached new ATHs against the euro (EUR) and the British pound (GBP) by hitting the $65,000 price mark.
Data from TradingView showed BTC nearing 61,000 EUR for the first time in history. This was accompanied by a 7% rally in the past 24 hours. Bitcoin has also seen new highs against the Chinese yuan (CNY) and the British pound, among others.
Regarding market activity, Bitcoin’s rally in February represented the longest monthly green candle in its 15-year-old history. Ethereum (ETH) also ascended to a two-year high of over $3,700. Dogecoin (DOGE) and Shiba Inu (SHIB) saw significant gains on a daily scale.
The industry saw millions of dollars in liquidations, with 60% of the sum from short positions. Bitcoin’s surge to its historic peak comes more than a month before the halving event. This event will reduce the rate at which new BTC are mined.
The approval of Bitcoin Spot ETF and the launch of spot Bitcoin exchange-traded funds (ETF) have increased capital flow into the ecosystem. This has increased demand for the digital asset. Analysts predict that Bitcoin will surpass $69,000 soon.
They also predict it will reach highs of $100,000 and $120,000 after the upcoming halving event. However, caution is advised as the $69,000 mark seems to be a significant resistance zone for traders.
Overall, the cryptocurrency market is experiencing significant volatility and price movements.
Bitcoin is leading the way in setting new ATHs and garnering increased interest from investors and traders.
The upcoming halving event and market dynamics will play a crucial role in determining the future price action of Bitcoin and other cryptocurrencies.
Disclaimer: The information provided is not trading advice. Holoclases Tech Blog holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
