You think $ 60K is the top of Bitcoin? This fractal suggests that this will be the bottom of the next bear market

A prominent analyst says $ 60,000 could be the bottom of the next bear market.

The person known in the industry as TechDev provides an indicator that has closely tracked Bitcoin’s highs and lows so far.

$ 60,000 is the bottom of the next bear market

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

The idea that BTC will move in cycles – with a decline of about 80% upwards – has been widely accepted.

What is hard to believe, however, is that $ 60,000 might just be the bottom of this potential 80% correction.

With the Fibonacci indicator, TechDev has shown that every bitcoin floor is generated within an identical range. This includes both a low below $ 200 in 2014 and a bottom of around $ 3,200 in December 2018.

Due to Bitcoin’s cyclical volatility, the next logical low point would be between $ 47,000 and $ 60,000.

“There are very few people interested in the macro in a pump. But the last two bear markets bottomed in the 1.486-1.618 Fib area of ​​the previous cycle.

The recommended next low point is 47-60K. When Bitcoin ends up there after the 80-85% decline … The math gets interesting. “

BTC / USD Price Chart | Source: TechDev / Twitter

If so, Bitcoin could hit $ 300,000 this cycle.

Similarities to gold

The driving force behind Bitcoin is tied to the expectation that US regulators will eventually approve a Bitcoin ETF.

The Austrian analyst Niko Jilch mentioned the famous investor Paul Tudor Jones when he declared his “excitement” for the Bitcoin ETF.

Tudor Jones previously stressed that Bitcoin’s current price movement is similar to that of gold in the 1970s – just as it became a futures product itself and had a 10-year bull run.

TechDev also noted that gold’s performance in the 1970s coincided with Bitcoin’s performance since October 2020.

#BTC / 70s gold fractal check …

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

– TechDev (@ TechDev_52) October 15, 2021

You can see the Bitcoin price here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Cointelegraph

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