Cryptographic analyst <a target="_blank" href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-rejection-at-99000/” rel=”nofollow noopener” target=”_blank”>TradingShot has provided information on bitcoin price recovery to $150,000. He analyzed Fibonacci levels to provide insight into how bitcoin could reach this new high, although the analyst suggested there could be further price corrections before that happens.
bitcoin price recovery to $150,000
in a <a target="_blank" href="https://www.tradingview.com/chart/BTCUSD/XxxSM2uW-bitcoin-Are-you-scared-enough-Or-need-to-see-more-pain/” rel=”nofollow noopener” target=”_blank”>CommerceSee publicationTradingShot stated that the next high is on the horizon as bitcoin price has already entered phase 3 of the bull cycle. This next high is expected to be at the -0.5 Fibonacci horizontal extension and the 2.0 channel. Fibonacci extension at the price of 150,000 dollars, which is the next technical expansion of the Canal.
The crypto analyst cited phases 1 and 2 of the bitcoin price bull cycle, noting that they began a multi-month accumulation phase with a possible maximum correction to 0.382 Fib again. In line with this, TradingShot raised the possibility of another 100% rally and a possible maximum of $200,000 at the end of phase 3.
The analyst's accompanying chart showed that bitcoin price could reach this $200,000 target between October and December 2026. This aligns with Standard Chartered Prediction that bitcoin could reach this price level by the end of 2025. Meanwhile, TradingShot also provided more information on the current btc price action.
The analyst revealed that bitcoin price has touched its 1-day 50 level. moving average (MA) for the first time in over 2 months and is now recovering. He added that the first presence of short-term buyers was felt last week when bitcoin again approached the 50 MA and rallied aggressively. This is said to be a natural technical reaction during such aggressive uptrends.
TradingShot noted that the key support level during btc bull cycles is the 50 1-week MA, which has acted as support since March 2023 and was successfully tested twice on August 5 and September 6, the last of which was what technically started the current uptrend. leg for bitcoin price.
Additional Fibonacci Channel Upward Analysis
TradingShot provided a more detailed analysis of the <a target="_blank" href="https://www.newsbtc.com/news/bitcoin/fibonacci-extension-bitcoin/” rel=”nofollow noopener” target=”_blank”>Fibonacci channel up. He noted that bullish legs are technically part of the channels. This time is no different as bitcoin price has been trading in an upward Fibonacci channel since the end of the last bearish cycle on November 21, 2021.
In phase 1 of the bull cycle, bitcoin price is said to have traded within the 0.0 to 1.0 Fib range. In phase 2, bitcoin traded within the range of 0.5 to 1.5. For Phase 3, TradingShot stated that it expects the flagship cryptocurrency to trade within the 1.0 to 2.0 Fib range.
The analyst highlighted the high symmetry between sequences, sections and retracements within this pattern. He commented that what stands out is that the rallies so far tend to lead to a 100% increase. Specifically, TradingShot alluded to the April 14, 2023 and January 11, 2024 highs of rallies greater than 100%. bitcoin price then retreated towards 0.382. <a target="_blank" href="https://www.newsbtc.com/analysis/btc/bitcoin-price-under-pressure-92k/” rel=”nofollow noopener” target=”_blank”>fiber recoil level. Therefore, this similar price action could develop in phase 3.
Featured image created with Dall.E, chart from Tradingview.com
