Bulls rejoice as bitcoin boldly reclaims the throne from the bears, soaring toward the coveted $73,800 summit. Unstoppable and undeterred, it seems nothing can stand in its way this time around.
A Raging Bull Market Coming
In the past, bitcoin has soared to new heights, with its price skyrocketing to a parabolic level. It was a sight to behold, with many calling it a ‘raging’ bull market. And now, with the current market heating up, could we be on the brink of witnessing history repeating itself?
Bears Had Their Chance
As the bitcoin market soared to new heights, the bears held their breath, hoping for a chance to take control. But as the cryptocurrency reached its all-time high, a curious candle appeared – a spinning top. Known for appearing at the peak or trough of a trend, this enigmatic candle signaled a sense of hesitation and doubt in the market.
As the charts were analyzed, it became apparent that bitcoin was teetering on the edge of being overbought. But just as investors were bracing for a potential downturn, a surprising twist appeared.
A hammer candle, a rare occurrence typically seen at the end of a downtrend, emerged. In a market full of uncertainty, this unexpected signal sparked a wave of speculation and excitement.
Like a skilled detective piecing together evidence, it can be concluded that the recent 17.5% correction, from the peak of the spinning top to the base of the hammer candle, marks the end of our market’s downward spiral. This aligns perfectly with the 21% correction we saw in January, solidifying our prediction.
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New All-Time High In Sight
The excitement surrounding $BTC is palpable as it inches closer to its all-time high, just a mere 4% away. With the possibility of reaching this milestone today, the anticipation is at an all-time high. However, experts predict that once the peak is reached, there may be some volatility before the currency finds its footing and continues on its journey of price discovery.
According to fibonacci extension, the next target is the highly coveted 1.618 mark, which translates to a staggering $81,800.