Bitcoin (BTC) may have hit an all-time high of $ 60,000, but calculations show that the price level will be more important for bulls than bulls.
In a tweet on October 14, the popular Twitter account TechDev once again highlighted the historical data that has so far accurately tracked the highs and lows of Bitcoin.
What about the price of BTC, which dropped 80% to $ 60,000?
While BTC / USD tends to recover to all-time highs and climb to six figures this year, investor interest is already turning to how much Bitcoin will fall after the next peak of the explosion.
The idea that the price effect of BTC moves cyclically – with a bearish phase and a low of 80% from the peak of the explosion – is now widely accepted.
However, under the current circumstances, it is hard to believe that $ 60,000 could be the floor for this potential 80 percent correction.
Using Fibonacci sequences, TechDev shows that every bitcoin bottom is in the same area. This represents declines below $ 200 in 2014 and declines of about $ 3200 in December 2018.
Given the cyclical changes in bitcoins, the next logical adjustment is from $ 47,000 to $ 60,000 as the target.
He commented: “I don’t know anyone is concerned about the macroeconomic situation. But the last two bitcoin bear markets have bottomed out at 1.486-1618 logs from the previous session. ”
“This indicates that 47-60K will be the next bearish bottom. If we landed right here after dropping 80-85% … the math would be interesting. ”
Dedicated BTC / USD chart. Source: TechDev / Twitter
$ 60,000 with a 20% discount puts Bitcoin in the $ 300,000 test queue in this cycle.
Super similarity to gold
Bitcoin’s momentum has been driven by expectations that US regulators will finally approve some form of Bitcoin Exchange Traded Fund (ETF).
RELATED: SEC Probably To Allow ETF Trading in Bitcoin Futures Next Week: Reports
While opinions are mixed on the impact of such a decision, its meaning is not misleading, commentators say, and represents a real and irreversible turning point for Bitcoin.
Austrian investor and analyst Niko Gelsh mentioned famous investor Paul Tudor Jones this week when he explained the “hype” over Bitcoin ETFs.
Tudor Jones previously emphasized that Bitcoin moved like gold in the 1970s – only when it became a future product itself and got a ten-year run followed by a 50% correction.
As TechDev points out, the 1970s gold mine has been fitting perfectly with Bitcoin’s performance since October 2020.