Bitcoin (BTC) leaves all-time-high behind - now in price discovery

Bitcoin (BTC) leaves all-time-high behind - now in price discovery

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After five days of getting rejected from, then coming back to the previous all-time-high, $BTC has blasted through $69,000 and is currently at over $71,000. Bitcoin is now in price discovery, so where can the price go from here?

All eyes are back on bitcoin again, as the king of the cryptocurrencies is launching into uncharted territory, with only vague ideas of just how far this rocketship can go.

Important weekly close for $BTC

Source: Coingecko/Trading View

Bitcoin had an important daily and weekly close above the all-time-high of $69,000. A wick down to $67,000 also looks to have sealed the deal. It definitely looks like it is now onwards and upwards for $BTC.

Big $BTC price predictions

Source: Coingecko/Trading View

There is really only one tried and tested way to get a notion of where $BTC is going in price discovery, and that is with the fibonacci extension tool. By taking the top of the last all-time-high at $69,000, and pulling the tool down to the bottom of the bear market at $15,500, the fibonacci extensions are displayed.

The fibonacci extension levels make rather exciting reading. The first 1.618 level is at just under $102,000, which would seem like a fairly conservative target for $BTC, given its previous bull market history.

The next two levels are more inspirational, at $155,000 for the 2.618, and then $208,000 for the 3.618. Finally, just for kicks, the 4.618 extension level is showing a price of $241,000. 

All these prices are purely what the fibonacci tool predicts, and are not to be taken as gospel. However, fibonacci numbers are mathematical, and they can be found throughout nature. In bitcoin’s history so far, the fibonacci levels have been followed with reasonable accuracy, and so they should certainly be taken into consideration along with other indicators.

More parabolic price action ahead

Source: Coingecko/Trading View

Zooming into the short term price action, it can be noted that $69,000 is now support, and the price is climbing strongly. That said, there can still be a return to this level for more confirmation. In the long run, stand by for more parabolic price action as $BTC enters its final phase.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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