This is the catalyst that KOL Benjamin Cowen said could spark a parabolic rally for Bitcoin
A prominent analyst says there is a technical catalyst that could send Bitcoin into its long-awaited parabolic rally.
In one Video Recently, analyst Benjamin Cowen pointed out the moment when BTC will enter the six-digit range.
The analyst combines logarithmic growth curves with Fibonacci levels and places them above Bitcoin’s two-week chart.
He said that Bitcoin tends to move parabolically as it breaks above the external fib retracement level of 1.618, which is currently in the same place as the center log line.
“At the moment, nothing is more important to me than the health of the market. To date, Bitcoin has moved precisely to the mid-logarithmic crossover point and the 1,618 Fib level ($ 60,000). If BTC can close a 2 week candle above, I would expect BTC to go parabolic after that, which it did in the previous two cycles. ”
Fractal comparison Bitcoin cycles 2013, 2017 and 2021 | Source: Benjamin Cowen
The analyst noted that outside of 2.72, where BTC typically hits cycle highs, the Fibonacci retracement level doesn’t line up with the channel’s resistance line until the end of 2022, but he thinks history often rhymes.
“Although I still feel unsure whether Bitcoin’s bull cycle will extend into the second half of next year, the graph shows that this is necessary to meet both conditions, history often rhymes.”
If so, BTC could climb to $ 300,000 by the end of this cycle.
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