Indicator that Called the Last Bitcoin (BTC) Bull Cycle Tops Has Finally Revealed When and Where to Expect a Price Peak
Noted crypto analyst Gert van Lagen recently posted a X thread indicating that an indicator that has accurately predicted Bitcoin’s bull cycle tops in the past has now been triggered again. This could give insight into when and at what price the next BTC top could occur.
Gert van Lagen’s Analysis
At the time of his post, Bitcoin’s price was around $61,800. He stated that BTC has now broken above the 1.618 Fibonacci extension of the 2018 bear market price low and high.
In the previous two Bitcoin bull cycles, when this 1.618 extension level was exceeded, the BTC price topped out within 2-3 months near the 2.272 Fibonacci extension level before entering a prolonged bear market.
Currently, the 2.272 extension of the 2018 bear market bottom and top falls around $207,000. So if history repeats, Bitcoin could see its bull run peak around $207,000 within the next 2-3 months.
Time Will Tell
While history doesn’t necessarily repeat itself exactly, especially in a nascent asset class like cryptocurrency, tracking indicators like the Fibonacci levels that have marked peaks in the past can give traders an idea of when to expect trend reversals.
It remains to be seen if Bitcoin will follow the historical pattern and top out close to $207,000 in early 2024 before starting a new bearish cycle. But Van Lagen makes a case for being cautious about excessive price optimism in the short term.
You may also be interested in:
- Meme Coin Price Explosion: DOGE, SHIB, BONK, and PEPE Surge to New Highs, But Don’t Overlook These New Low-Cap Cryptos
- ApeCoin Goes Bananas; APE Rally Has Further to Run After Breaking Key Resistance
- Ethereum (ETH) New 2024 Highs Sees Investors Join Kelexo (KLXO) Leverage & Loaning Sensation as Presale Rockets Pre Bitcoin (BTC) Halving
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
