30s Summary

Bitcoin reached a record-breaking high of $72,724 on October 29th, an 8.75% increase within 24 hours. The cryptocurrency’s value usually follows Fibonacci retracement levels, and if the pattern continues, Bitcoin’s peak could fall below $173,000 in 2025 or 2026. Bitcoin researcher Axel Adler Jr. highlights the significance of a potential $86,200 mark, which could cause a significant rally. However, caution is advised as investing and trading are always associated with risk.

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Bitcoin (BTC) scored a major win recently, hitting a record-breaking high of $72,724 on October 29th. This was thanks to a solid 8.75% boost in just 24 hours. Now, Bitcoin’s value has surged past its previous limit of $71,500. If this holds up, people who’ve put their money into BTC could see potential returns from 145% to 530% in the next year.

Bitcoin also looks set to smash through a 7-month holding pattern in price changes. People are eagerly waiting to see where the price will settle after BTC reaches new highs.

Recently, some studies have made different predictions about Bitcoin’s future. However, one thing that’s been consistent is that Bitcoin’s value seems to follow what’s called Fibonacci retracement levels. These are certain levels that estimate potential price changes. Over the years, BTC has hit the peak of these levels every time.

Just check out the chart. Since 2013, every top of Bitcoin has been between 1.618 and 2.272 on the Fibonacci scale. Now, the target price at 1.618 Fibonacci is $173,088, and at 2.272 is $458,319. But the actual peak has always been a little less than these Fibonacci levels. For instance, in 2013, the peak was just above 2.272. It was just under 2.272 in 2018, and in 2021, the highest Bitcoin got was under 1.618.

So, if the pattern continues, we might see Bitcoin’s peak falling below $173,000 sometime around 2025 or 2026.

An important point to note, as per Bitcoin researcher Axel Adler Jr., is the $86,200 mark. If BTC hits this level, it could mean big things for the Bitcoin holders. Adler Jr. points to the high-risk boundary for this cycle, which is right at $86,200.

In the past, this upper-risk point has been where short-term holders cashed in their profits from January 2023 and January 2024. Any push past this boundary caused a serious rally in 2021, taking the BTC price on a wild ride. Adler Jr. chimes in saying if BTC goes beyond this point with positive momentum, it would be the moment we’ve all been waiting for.

Just remember, investing and trading always involve a level of risk, so do your homework before you put your money on the line.

Source: Cointelegraph