Today the Bitcoin price set a new record. While this statement certainly speaks for itself, it begs the question: what’s next?
Given that this hurdle was the one that the entire investor class was watching and it’s now out of the way, the most logical next target might be $ 25,000. Here’s why this number is significant, and why there is a high probability that price will go there next.
Always high broken Bitcoin price to return to pricing mode
For nearly three full years, crypto investors have been waiting for this day, wondering if it would even happen. Holding Bitcoin has been a rocky ride for those who got on at the height of the last bubble.
After the cryptocurrency hit current levels, it fell to $ 3,000 a year later. Another visit to this key level earlier in the year sealed the deal with a new uptrend and prevented the cryptocurrency from falling.
Related reading | Here’s what happens to altcoins when bitcoin exceeds $ 20,000
This boom caused a strong upward trend and now – to this day – the price of Bitcoin has set a new record.
The leading cryptocurrency by market cap is now below its previous high, but a higher increase today set a new record. The feat is likely to make waves across the financial space, attracting another wave of investors until the asset peaks and does it all again.
But before the bull market really starts, the next logical level is: According to a cryptanalystis just below $ 25,000 at $ 24,800.
The Fibonacci extension 1,272 is the next logical target for the Bitcoin price | Source: BTCUSD on TradingView.com
Why cryptocurrencies and other assets react to Fibonacci values
According to cryptanalyst Jamie HolmesThe next target is at the Fibonacci expansion level 1.272. Additionally, 1,618, 2,618 and 3,618 are priced at 30,000, 50,000 and approximately $ 75,000, respectively, and could be next after removing the first expansion.
Holmes precisely requested ATH retest after a “bullish saucer” formed in monthly periods. Now he’s pointing to $ 25,000 next.
During the recent bull market, Bitcoin soared to the Fibonacci level of 19.618, which could suggest that these early expansions will hardly be a blink of an eye for the now unstoppable cryptocurrency.
Related reading | Fibonacci Day: How to Use Math to Trade Bitcoin and Altcoins
It’s not exactly clear why Fibonacci metrics and their retracement levels and extensions serve as support and resistance, but they apply to all asset types.
Breaking the Fib retracement level of 0.618 at $ 13,800 started the recent uptrend and sent the cryptocurrency to a new all-time high starting today.
The 0.618 level could again become a target to watch and this time serve as support for any major corrections that follow from here.
Featured image from Deposit Photos, Charts from TradingView.com