While some experts are predicting that $60,000 could be the ceiling for Bitcoin this cycle,Cointelegraph analysts believe that Bitcoin could rise at least another fivefold from this point.
On October 15, the price of Bitcoin again broke through the psychological level of $60,000 and is trying to consolidate higher. At the time of writing, the first cryptocurrency is trading around $60,100.
The idea that the price of Bitcoin moves in cycles – and during the bearish phase the price retraces about 80% from the peak – has become almost universally accepted.
Cointelegraph analysts believe that $ 60,000 may not be the peak, but the bottom of the next bearish cycle. Referring to trader TechDev's charts, they explain:
Given the cyclical nature of the bitcoin price, logicallywe can assume that the next pullback will occur to the levels of $ 47,000- $ 60,000. The previous two runs, the bears found the bottom at the 1.486-1.618 Fibonacci level of the previous cycle.
They conclude:
If an 80% retracement puts the price of Bitcoin towards $ 47,000- $ 60,000, then mathematically, BTC could test $ 300,000 in this cycle.
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Based on materialscointelegraph.com
