Bitcoin’s New High: $40,000 Awaits
The crypto bull market is undeniable, and bitcoin is steadily climbing to new heights. Recently, it reached a new local high at $38,440 and shows potential for further upward movement.
On the weekly time frame, the fibonacci sequence accurately predicted bitcoin’s previous top after the 2017/2018 bull market. The price hit the 0.618 fibonacci on March 24, 2019. Looking at the last bull market in 2019, a fibonacci measurement from the top on November 8 to the bottom at around $15,600 in November 2022 reveals that the 0.618 fibonacci sits just above $48,000.
With a trend line that bitcoin has respected since early 2021, as long as it stays above this line, it has the potential to converge with the 0.618 fibonacci.
Will Bitcoin Reverse or Continue Upward?
While this could be a turning point for bitcoin, it is also likely that it will continue its upward trajectory due to the 4-year liquidity cycle outlined by macro investor Raoul Pal. Central banks around the world seem to be synchronizing their actions with this cycle.
No matter what happens, bitcoin continues to surprise and defy expectations. This next move should bring us out of the “disbelief” phase and into a more hopeful and optimistic outlook.
Hot Take: Bitcoin Sets Its Sights on $40,000
Bitcoin’s latest local high signals its ongoing ascent in the crypto market. With a potential target of $48,000 by 2024 and a trend line supporting its upward movement, bitcoin shows no signs of slowing down. Despite doubts from some, its performance remains consistent and impressive. As the world’s central banks align with the 4-year liquidity cycle, bitcoin’s upward trajectory seems unstoppable. This next move will likely shift sentiment from disbelief to hope and optimism, solidifying bitcoin’s position as the king of cryptocurrencies.
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