The price of Bitcoin currently exceeds the minds of most traders and financial analysts. As the crypto asset earned its third-highest profit in a day since the beginning of last week.
The powerful movement has once again led to a renewed discussion of all the highest levels of BTC. What it can cost and when. However, a leading cryptocurrency trader who has made many precise calls in the past believes that. Bitcoin will not set a new historical high in the next five years.
According to the Fibonacci sequence in October 2024, Bitcoin is reaching its highest point
About two years ago Bitcoin set its all-time high at height of the crypto bubble, priced at $20k per BTC. Since then, it went through a painful bear market and fell to a minimum of $3,100. It more than 80% retracement from its peak to the minimum.
This year, Bitcoin made its first real attempt to set a new record and attracted intelligent and risk-tolerant investors. Who recorded the lowest profit of 350% at the last local peak. But once Bitcoin reached $14,000, it violently rejected. Putting a brake on everything that set the new all-time high for this year.
However, crypto investors expect the next Bitcoin stop in May 2020 to take the asset to a new record level. Even a highly-quoted BTC flow quote model suggests that Bitcoin will be at least $ 55,000 per BTC per year, while it is Bitcoin at the beginning of next year.
However, another theory emerged, which immersed in mathematics. A leading cryptocurrency trader who has made several successful calls, even calling for an explosion in early June and suggesting that it would be one of the first alternative currencies to explode after the NEO, states that Bitcoin is a new one. It will not set a record high until 2024.
The analyst's theory is based on the Fibonacci sequence. The Fibonacci number forms a sequence in which each number is the sum of the previous number. The analyst is trying to apply the idea that Bitcoin will set its next historical maximum.
According to the trader, it took 625 days for Bitcoin to exceed all the peak highs of the bull market in 2011. Then it took 1250 days to exceed the all-time high during the Bull Run 2013.
Interestingly, the sum of 625 + 625 is 1250, which increases the reliability in the merchant's theory that each new historical maximum is set at twice the previous maximum. The Fibonacci sequence would suggest that the current historical maximum of $20,000 would not be broken until 2500 days have passed, or until October 24, 2024.
While this may seem like an eternity at this point, BTC only reached $20,000 680 days ago. This means that the new Bitcoin record price still saved approximately 70% before setting the new BTC record price if the theory correct.
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