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🔥 Bitcoin Fibonacci Analysis Suggests 48k Target 🚀
In recent analyses I've been making multiple statements that my target for 2023 is placed at 48k. This number is derived from the late March 2022 top.
Interestingly enough, this number coincides with the 0.618 Fibonacci Retracement. The same Fibonacci Retracement was the high of the 2019 bear-market rally that took us from 3,100 to 13,500.
The market rarely copies exact moves, but it often rhymes. The fact that so many key resistances are placed around 48k makes me believe that that area will function as a key resistance for the current move up.
I'll be genuinely surprised if BTC will confidently pierce the 48k resistance and stay above it. My expectation is that that's the main area of resistance and will cause some kind of reversal, be it either long or short-term.
For now, there's another 10% to gain before we reach said area.
Interestingly enough, this number coincides with the 0.618 Fibonacci Retracement. The same Fibonacci Retracement was the high of the 2019 bear-market rally that took us from 3,100 to 13,500.
The market rarely copies exact moves, but it often rhymes. The fact that so many key resistances are placed around 48k makes me believe that that area will function as a key resistance for the current move up.
I'll be genuinely surprised if BTC will confidently pierce the 48k resistance and stay above it. My expectation is that that's the main area of resistance and will cause some kind of reversal, be it either long or short-term.
For now, there's another 10% to gain before we reach said area.
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