Bitcoin is moving higher, easing past $70,000 and $72,000 in the past two days, triggering a wave of demand. Although the prices are moving within a tight range in terms of prices, the price increase remains. Although there are pockets of weakness, at least seen earlier today, candlestick formations on the daily and weekly charts point to strength.
Is Bitcoin Preparing for a 6X Surge to $462,000?
In a post on X, one analyst thinks that Bitcoin will not only break above its all-time high of $74,000 but easily 6X to $462,000 in the coming sessions. In support of this view, the analyst said that the coin is breaking out above important levels of resistance, and the levels of the Fibonacci extension show this change in the situation after the bottom of Q3 2024.
Based on the analysis of the analyst, the historical price action shows that BTC is rising between the Fibonacci expansion levels of 1.618 and 2.272. Technical analysts use this tool to predict how quickly prices will rally or decline based on a given range.
If the historical guidelines and Fibonacci extension levels remain valid, applying the same pattern to the current cycle could easily see Bitcoin rise to between $174,000 and $462,000. These two levels mark the limits of the lower and upper extension levels that define the highest point of the previous cycles.
As this prediction stands, it should be noted that the range supporting any Fibonacci extension is dependent. For this reason, it will change depending on the analyst, which means that the potential peaks will change accordingly.
Despite everything, the consensus is that Bitcoin may break and reach a new all-time high in Q4 2024. Taking it from X, one analyst said that Bitcoin is already in a bullish formation, it is easier than a descending channel or a bullish flag. At the same time, prices break above the resistance of the “cup and handle” pattern.
Institutions Buying As BTC Recovers
If the bulls take over, pushing the prices forward, the evolution will confirm the gains of Q1 2024. Subsequently, it will mark the resumption of the bulls, an encouraging development following the 30% decline from the peak of March.
Amidst this wave of optimism, institutions are also stepping in, gaining exposure through Bitcoin ETFs. According to SosoValue, there is more revenue as institutions buy more shares on behalf of their clients.
On October 29, Bitcoin ETF issuers in the United States bought 870 million BTC-backed shares from their clients. BlackRock’s IBIT received $642 million, pushing their BTC under management to over $24.9 billion.
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