Bitcoin (BTC) may have hit a high of $ 60,000, but calculations show that price levels will be far more important to the bears, not the bulls.

In one tweet On October 14, the popular TechDev Twitter account again highlighted historical data that has closely followed the ups and downs of Bitcoin so far.

How about an 80 percent BTC price drop to … USD 60,000?

While BTC / USD is expected to hit all-time highs and climb into the six-digit range this year, investors’ attention is focused on how far Bitcoin will fall after its next high.

The idea that BTC price movement moves in cycles – with a bear phase and an 80% low from a falling high – has become widely accepted.

However, in the current circumstances, it is far more incredible that $ 60,000 could just be the lower bound of this potential 80% correction.

Using the Fibonacci sequence, TechDev has shown that each bottom of Bitcoin price falls into an identical range. This makes both the low of under $ 200 in 2014 and the bottom of around $ 3,200 in December 2018.

Because of the cyclical fluctuations of Bitcoin, the next logical retracement has a target between $ 47,000 and $ 60,000.

“I know nobody cares about the macro in a pump. But the last two BTC bear markets hit between 1,486 and 1,618 log fibers of the previous cycle, ”he commented.

“The next suggestion for the bear floor is 47-60K. When we land there after the 80-85% decline … The math gets interesting. “

$ 60,000 is the top 20% that will enable Bitcoin to test $ 300,000 this cycle.

Unusual similarities to gold

The driving force behind Bitcoin was tied to the expectation that US regulators would at some point approve some form of Bitcoin Exchange Traded Fund (ETF).

Related: SEC is expected to allow Bitcoin futures ETFs to trade next week:

While opinions are mixed about the implications of such a decision, its importance is not a red herring, commentators say, and marks a real turning point for Bitcoin without being reversible.

Austrian investor and analyst Niko Jilch this week referenced Famous investor Paul Tudor Jones explains the “excitement” for the Bitcoin ETF.

Tudor Jones previously highlighted Bitcoin’s cycles as similar to gold in the 1970s – once it became a futures product itself and experienced a 10-year bull run, followed by a 50% correction.

TechDev also notes that the 1970s gold split is in very good alignment with Bitcoin’s performance since October 2020.

#BTC / Look at the golden fractal of the 70s …

Now it’s just getting absurd. pic.twitter.com/QOfJuwpceq

– TechDev (@ TechDev_52) October 15, 2021