Golden Multiplier Ratio Predicted Bitcoin’s Peak in 2021—Here’s Its Current Message
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Bitcoin currently hovers around the $103,000 price point, though its recent rally that began in May is showing signs of a slowdown during the last week. Despite some short-term volatility, the overall long-term perspective remains optimistic.
Further Insights
Analysts are now turning to long-term cyclical indicators for guidance. One notable tool, previously effective in pinpointing Bitcoin’s peak in 2021, is gaining attention again for its insights into the ongoing cycle.
Golden Ratio Multiplier Highlights Previous Peak, Signals New Target
Popular cryptocurrency analyst CryptoCon recently shared on a social media platform the usefulness of the Golden Ratio Multiplier in forecasting Bitcoin’s price peaks in various cycles. This logarithmic model, which integrates Fibonacci-based multipliers, aids in predicting macro trends for Bitcoin.
This particular metric was instrumental in accurately identifying the peak in April 2021 and, similarly, the peaks in 2013 and 2017. Currently, it has indicated a significant peak anticipated in March 2024, with the analyst suggesting this will not be the ultimate peak but rather a mid-cycle high.
CryptoCon noted that Bitcoin’s price has already reached Level 4 on the multiplier chart this cycle, indicating this is not the end of the upward trend. “We already achieved the top level of this cycle once, but this was indicative of a mid-top in March 2024, which suggests further movements ahead,” he elaborated.
Presently, Level 5 is projected around $160,000 and continues to rise. Drawing comparisons to previous cycles, CryptoCon observed that the current cycle closely resembles the 2015 to 2017 phase, characterized by a gradual buildup followed by a dramatic breakout.
Drawing from this analysis, the current market stage is compared to April 2017, just before Bitcoin experienced significant growth in the subsequent months.
Golden Ratio Multiplier Indicates $160k as the Next Major Milestone
The chart presented by CryptoCon reveals a consistent pattern based on the Golden Ratio Multiplier. Ranging from Level 1 to Level 10, each level is determined by multipliers derived from the 350-day moving average. Historically, Bitcoin has reached certain peaks: Level 10 in 2011, Levels 9 and 8 in 2013, Level 7 in 2017, and Level 6 in 2021. It is expected that the present cycle’s peak will be at Level 5, although Bitcoin has yet to attain this level.
Further Insights
Should the market adhere to this outlined structure, Bitcoin may be gearing up for a surge toward the Level 5 target of $160,000 within this year, potentially marking the significant high of this cycle. The current trading range around $103,000 could signify a period of calm before the final breakout. “Gradual buildup, followed by a sudden surge,” the analyst remarked.
As of the latest update, Bitcoin was trading at $102,971.
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