Gert van Lagen, a well-known cryptocurrency expert, recently posted an X thread stating that a signal that has earlier effectively predicted Bitcoin bull cycle tops has been activated again. This could reveal when and at what price the forthcoming BTC peak will take place.
Gert Van Lagen’s Analysis
Bitcoin was priced approximately $61,800 at the time of his release. He added that Bitcoin has now surpassed the 1.618 Fibonacci extension of the 2018 bear market price low and high.
In the past two Bitcoin bull cycles, when the 1.618 extension level was breached, the BTC price topped out within 2-3 months near the 2.272 Fibonacci extension level before beginning a prolonged bear market.
At present, the 2.272 extension of the 2018 bear market bottom and high is approximately $207,000. So, if history repeats itself, Bitcoin’s bull run could reach a top of over $207,000 during the next 2-3 months.
Unlocking the Secrets Time Will Tell
While history does not always repeat itself, particularly in a new asset class like cryptocurrency, watching indications such as Fibonacci levels that have previously signaled peaks can help traders predict when they can anticipate trend reverse orders.
It remains to be seen whether Bitcoin will continue the historical trend and peak near $207,000 in early 2024 before entering a new bearish cycle. However, Van Lagen argues that excessive short-term pricing optimism should be avoided.
Release: The purpose of this content is only to provide knowledge. Readers have to do their own research before making investment decisions.
