Analyst @ TechDev_52 Shows How Fibonacci Retracement Levels May Indicate Peak Of Each Bitcoin (BTC) Bull Cycle
Pseudonymous cryptocurrency entrepreneur and analyst who goes by @TechDev_52 on Twitter unveiled one more pattern that can be fruitful in the identification of a Bitcoin (BTC) macro cycle peak.
2.272 (Log), 5.618 (Linear): crucial levels to watch
According to the latest tweet shared by @ TechDev_52, the performance of Bitcoin (BTC), the flagship cryptocurrency, is repeating itself at the macro level.
Should we take 1.272 as the Fibonacci level for the bottom of the Bitcoin (BTC) cycle, the 2.272 level would safely predict its peak. This assumption worked perfectly in the 2013 and 2017 cycles.
This calculation works if the Fibonacci Retracement Levels are applied on a logarithmic scale.
On a linear scale, the Bitcoin bull run (BTC) peak can be found at the 5.618 level. If true, Bitcoin (BTC) might print the peak of its next bullish cycle over $233,000, or roughly 3.6x from today’s price.
What can RSI tell us
One of the commentators under the tweet indicated Bitcoin’s (BTC) next peak level of $ 233,000 is also confirmed by the “Golden Triangle,” a sophisticated macro-technical analysis model. The crypto king may reach the highs between Dec. 2021 and March 2022.
As covered by U.Today previously, @ TechDev_52 also shared a report on how to use the Relative Strength Index (RSI) to tell when Bitcoin (BTC) is approaching the final phase of its bull run.
In the technical analysis, Fibonacci retracement levels demonstrate the clearest support and resistance levels based on the start of this or that cycle.
