Bitcoin's Bold Ascent: Is $200,000 the New Horizon, Signaled by a Historic Gold Chart?
Bitcoin is exhibiting renewed vigor in the market, having resumed a robust uptrend that began earlier this year. After navigating several weeks of price consolidation between $110,000 and $120,000, the premier cryptocurrency has broken into intense momentum, buoyed by significant institutional demand, propelling it to a recent all-time high. Intriguingly, technical analysts are now pointing to a historical parallel that suggests Bitcoin could be on the cusp of an explosive rally towards $200,000.
Echoes of the 1970s Gold Rally
A compelling technical analysis shared by Mikybulll Crypto on the platform X draws striking comparisons between Bitcoin's current weekly and two-week candlestick chart actions and Gold's monumental rally during the 1970s. This period saw the precious metal achieve massive surges. Mikybulll's analysis highlights that Bitcoin's macro price structure appears to be an almost perfect replica of Gold's behavior decades ago, hinting at a potential price explosion that could see Bitcoin reach, or even surpass, the $200,000 mark. The analysis suggests that similar consolidation phases preceding powerful breakouts observed in Gold's trajectory are now manifesting in Bitcoin's multi-year price path.
Unpacking Livermore's Speculative Cycle
Further deepening the technical forecast, Mikybulll's analysis integrates insights from the legendary Livermore Speculative Chart and Fibonacci extension levels. Bitcoin is currently positioned around the 1.272 Fibonacci extension, below $125,000, and is seen as traversing the eighth stage of Livermore's speculative cycle. Market indicators suggest Bitcoin is poised to breach the crucial 1.618 Fibonacci level at $145,355. Successfully overcoming this barrier would usher it into the ninth stage of the cycle, setting sights on the 2.618 Fibonacci extension, which projects a price target of $204,000. Beyond this, the tenth and final stage of this speculative cycle, based on Livermore's framework, is projected to be around the 3.618 extension, pushing Bitcoin potentially to $262,000. As of recent movements, Bitcoin was trading around $121,450, experiencing a slight retraction after hitting its most recent all-time high of $126,080 on October 6.
