The major upsurge might be followed by a very painful correction, seasoned analyst stresses. He slightly adjusted his prediction from January 2023 and indicated crucial levels for Bitcoin (BTC) in the midterm.
Fibonacci retracement, Livermore accumulation cylinder: How BTC can add 50% in two months
Pseudonymous trader who goes by @Yodaskk on Twitter shared a midterm prediction of Bitcoin (BTC) price dynamics with his 28,700 followers. As per his forecast, three major indicators "meet" in the $44,444-$48,650 area in Q4, 2023.
Depending on the speed of this rally, end of summer or september, we could have a pretty big confluence of:— Coiner-Yadox (@Yodaskk) June 24, 2023
-61.8% fib retracement of the entire bear market
- 2022 Yearly Open
- *possible* Livermore accumulation cylinder trendline
all meeting in the 44444-48650 area
If this… pic.twitter.com/xbLhX7hkmU
According to him, this level is indicated by the Fibonacci model, which is used by the majority of traders. Should we apply it to the charts of the "big" bearish recession, its 61.8% level — which is the strongest support level for bulls — will indicate the "interesting" zone mentioned by @Yodaskk.
He also applied technical analysis indicators to the performance of Bitcoin (BTC) demonstrated in the last six months, i.e., from the beginning of 2023.
Last but not least, he spotted the Livermore Accumulation Cylinder trend line on big time frames. While this particular indicator is labeled as "possible" by the author, it also hints at the prospects of bullish progress.
Unfortunately, this upsurge (over 51% from the current price levels of the first cryptocurrency) will likely be followed by a merciless 30% recession. Once this plunge happens, Bitcoin (BTC) might retrace to its current position.
Crypto Fear and Greed Index sees largest spike since mid-March
As covered by U.Today previously, Bitcoin (BTC), the largest cryptocurrency, reached its yearly high yesterday, on June 23, 2023. Amid euphoria about numerous Bitcoin ETF filings, the orange coin briefly jumped to $31,400 on major spot trading platforms.
In the last weeks, a couple of asset management giants requested approval for their Bitcoin ETF products. BlackRock, Invesco, WisdomTree and most recently Valkyrie submitted their applications to the SEC.
This process triggered huge euphoria on cryptocurrency markets. Yesterday, Alternative's Fear and Greed Index increased to 65/100, which is equal to the "Greed" zone.
In the last two weeks, this indicator left the "Extreme Fear" zone in its most rapid upsurge since mid-March. It took only nine days for it to spike from 41/100 to 65/100.