While Fibonacci levels have proven reliable in past cycles, market experts caution that Bitcoin’s performance may now be influenced by new dynamics, including increasing institutional interest and global economic pressures.
By Chimamanda U. Martha
Updated
3 mins read
Bitcoin’s BTC $82 448 24h volatility: 0.3% Market cap: $1.64 T Vol. 24h: $43.85 B recent push past the $73,000 mark has reignited excitement in the cryptocurrency market. Analysts are now forecasting ambitious price targets that could range from $174,000 to as high as $462,000.
This outlook is based mainly on historical Fibonacci levels, a popular technical analysis tool that traders use to predict future price movements by referencing past highs and lows.
According to popular market analyst Ali Martinez, the past bull cycles have seen Bitcoin peak at the 1.618 and 2.272 Fibonacci retracement levels. Based on this past behavior, he predicted that the next bull run would see BTC traded as high as $174,000 and even $462,000.
In past bull cycles, #Bitcoin has peaked between the 1.618 and 2.272 Fibonacci retracement levels. Following a similar pattern, the next $BTC top could land between $174,000 and $462,000! pic.twitter.com/KUq51Tt57z
— Ali (@ali_charts) October 30, 2024
Based on this prediction, Bitcoin is expected to generate a return of approximately 141.7% from its current price of $71,983.25, according to CoinMarketCap data. However, reaching the $462,000 level will see the crypto asset experience an impressive surge of 537.68%. This means that Bitcoin’s current market capitalization of $1.42 trillion will skyrocket to $9.14 trillion, surpassing the combined market valuations of major technological giants like Apple, Google, and Microsoft.
Following the forecast, Laurens, an X user, humorously commented that the chances of Martinez’s prediction coming to pass “are pretty high. But so is your range”. Other users shared similar views, suggesting that Bitcoin might not even reach the 1.618 Fibonacci level this time around.
Meanwhile, an anonymous user known as Puppeteer noted that “crypto markets have historically shown volatility around” the retracement levels Martinez highlighted, adding that “keeping an eye on macroeconomic indicators might offer further insights” into market trends.
Meanwhile, since Bitcoin’s recent milestone of recording a new all-time high in March 2024, many industry experts and analysts are making a series of predictions regarding the future outlook of the king coin. Earlier today, Coinspeaker reported that Himanshu Maradiya, the founder of CIFDAQ Blockchain, boldly predicted that Bitcoin could hit the $1,000,000 mark in 2025.
He believes that BTC could continue its uptick trend into next year. According to him, the $1,000,000 level could be possible given the increasing adoption of Bitcoin coupled with the recent approval of Bitcoin spot exchange-traded funds (ETFs) across several markets, including the United States and Hong Kong.
Maradiya also said that the current macroeconomic situation affecting different fiat currencies would contribute to the potential price growth.
Other industry executives like Mark Yusko, CEO of Morgan Creek Capital Management, have also predicted that Bitcoin could reach as high as $150,000. He backed up the forecast with the mathematical concepts of Metcalfe’s Law, suggesting that Bitcoin’s price of $50,000 in March would first surge past $75,000 after the 2024 Bitcoin halving event in April before reaching the predicted outcome.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
