Bitcoin has seen renewed momentum following the start of the New Year, which creates optimism about its rise in the coming days. As the leading commodity gains momentum, several analysts argue that the long-awaited rally to all-time highs could be imminent.
Key Indicators on the Bitcoin Rally in Uncharted Territory
Among the growing interest in the market, Mags, a crypto expert and trader, has he went deep inside Bitcoin price action, reveals a bullish trajectory for the digital asset. An expert highlighting the bullish trajectory of BTC predicted that the asset could rise to the $155,000 mark in the coming months.
Mags’ prediction is in line with historical price trends and current market dynamics that point to a possible big rally for BTC after the rally. important explosion. This prediction is part of a broader belief that BTC will grow significantly in the ongoing market cycle, as seen in previous cases.
In addition, the expert highlighted key Fibonacci levels as key factors that could further propel Bitcoin’s path to the $155,000 milestone. With increase institutional adoption and the decrease in supply of BTC in crypto exchanges, the premium asset may attract more power for its next big move, targeting new highs.
Following the rise on Wednesday, the expert noted that BTC saw a rejection at the 1.618 Fibonacci level. This rejection and current consolidation looks similar to what happened at the 0.618 level.
On this list, BTC again saw rejection and rallied for several weeks. After that, the crypto asset broke out and turned to the 0.618 Fibonacci range supportwhich shows its strong resilience in the midst of deteriorating conditions.
As a result, the analyst is convinced that a similar development is possible at the 1.618 Fibonacci level. If BTC is able to respond to the Fibonacci mark of 1.618 in support, Mags believes that the next major resistance is near the 2.618 Fibonacci level, which is located near the $155,000 milestone.
Bigger Growth on the Horizon as BTC Bull Market Continues
With the widespread belief that the ongoing bull cycle is still alive, Bitcoin may be poised for a major rally in the coming months. Mags has it he asserted that the BTC bull run is far from over despite recent price volatility and consolidation, which has caused uncertainty among the community.
The expert points to past price performance, suggesting that BTC still has room for significant growth in the current cycle. More specifically, Mags cited trends in which Bitcoin rallied weeks before breaking out of its market top.
If history repeats itself, the expert expects a big increase in the coming months, reaching the top of the market between $ 220,000 and $300,000. Mags’ prediction shows BTC’s strong performance during bull markets, encouraging investors staying committed to the bigger picture as the crypto asset prepares for a bullish trajectory.
Featured image from Unsplash, chart from Tradingview.com