Think that $60,000 is the highest?This Bitcoin fractal indicates that it is the bottom of the next bear market

Bitcoin (Bitcoin) May hit a high of $60,000, but calculations show that the price level is more important for shorts rather than longs.

in a tweet On October 14th, the popular Twitter account TechDev once again emphasized the historical data so far Accurate tracking Bitcoin highs and lows.

What about the BTC price plummeting 80% to $60,000?

Although BTC/USD is expected to reach a record high this year and climb to six figures, investors’ attention has turned to how far Bitcoin will fall after the next outbreak.

The idea of ​​BTC price movements moving in cycles-a bearish phase and an 80% burst top and bottom-has been widely accepted.

However, what is even harder to believe in the current situation is that $60,000 may only be the lower price limit for a potential 80% correction.

Using the Fibonacci sequence, TechDev shows that the bottom of each Bitcoin bear market is within the same range. This explains the low of below $200 in 2014 and the bottom line of approximately $3,200 in December 2018.

Given Bitcoin’s cyclical changes, the next logical retracement level will be between $47,000 and $60,000 as the target.

“I know that no one cares about the macro during the boom. But the last two BTC bear markets bottomed out in the 1.486-1.618 log fib pocket of the previous cycle,” he commented.

“It is recommended that the bottom of the next bear market is 47-60K. If that is where we land after a drop of 80-85%…the math becomes interesting.”

BTC/USD annotated chart.Source: TechDev/Twitter

60,000 USD as the top 20% allows Bitcoin to test 300,000 USD in this cycle.

The striking resemblance to gold

The momentum behind Bitcoin is related to the expectation that US regulators will finally approve some form of Bitcoin Exchange Traded Fund (ETF).

related: SEC may allow Bitcoin futures ETF to trade next week: report

Although the opinion on the impact of this decision is mixedThe commentator said that its importance is not a red herring, it marks a real watershed in which Bitcoin cannot be reversed.

This week, Austrian investor and analyst Niko Jilch refer to Famous investor Paul Tudor Jones (Paul Tudor Jones) explained the “excitement” of Bitcoin ETFs.

Tudor Jones previously emphasized that Bitcoin’s cycle is similar to gold in the 1970s-just after it became a futures product and enjoyed a 10-year bull market, there was another 50% correction.

TechDev also pointed out that the trend of gold in the 1970s is extremely consistent with Bitcoin’s performance since October 2020.