Bitcoin To Reach $161,800, According To Fibonacci Extension, Elliott Wave Theory

Bitcoin price is struggling to keep up above $20,000 per coin — a level that few expected the highest cryptocurrency to trade at ever again once it passed the important thing resistance the primary time. 

In a brand new prediction, the subsequent goal for BTCUSD may also reach a level that only a few at this point would consider or expect. Nevertheless, ages-old mathematics and Elliott Wave Theory could suggest the subsequent cycle may perhaps peak much before many would imagine — and at price of $161,800 per coin. 

Finding Price Targets With The Mysterious Power Of Fibonacci 

Cryptocurrency traders commonly use Fibonacci retracements and extensions to make decisions about where and when to purchase or sell.  It isn’t known why prices are inclined to gravitate toward these levels, however the ratios are found all throughout the natural world. 

For instance, Venus orbits the sun in 224.6 days, while Earth at 365.2 days. This creates a ratio of 8/13 — each Fibonacci numbers — which is roughly 0.618.  That is precisely why the golden ratio can be known as the divine proportion. It’s almost magical.

Fib ratios are derived from the Fibonacci sequence — a series of numbers where the subsequent number within the sequence is the sum of the previous two numbers. The sequence reads 0, 1, 1, 2, 3, 5, 8, 13, 21, and so forth.

Although the sequence is known as after the famous Italian mathematician who popularized it, its use dates back to 200BC Indian mathematics. Simply put, that is about as ancient of math because it gets. 

BTC reached the 1.618 Fibonacci extension several times throughout the cycle | CME-BTC! on

Examining Market Cycles With Elliott Wave Theory

Ralph Nelson Elliott developed Elliott Wave Theory within the Nineteen Thirties, yet the study could possibly be the important thing to determining what’s happening with Bitcoin.

Elliott Wave Theory believes that market cycles move in five primary waves, with waves one, three, and five moving with the trend, and waves two and 4 moving against it as corrective phases.  

Relationships with Fibonacci are in all places in Elliot Wave Theory. Impulse waves up are inclined to fizzle out at Fib extensions, while corrections terminate at Fibonacci retracement levels and extensions. 

A five-wave motive wave completes one cycle in five individual waves with three impulses and two corrections. A whole Elliott Wave sequence consists of 21 movements and there are 21 total corrective patterns. Each of the numbers are Fibonacci numbers. 


Bitcoin's fifth wave is likely to be about to start | CME-BTC! on

Why Bitcoin Could Reach $161,800 Per Coin

With all that background out of the best way, we will deal with Bitcoin price. As a speculative asset, it’s especially at risk of emotion-driven price movements, making it especially conscious of Fibonacci ratios and Elliott Wave Theory. 

Using the BTC CME Futures chart, it is feasible to count out a Bitcoin Elliott Wave motive wave still in progress. If the wave count is accurate, it’s possible to project a possible end to the motive wave and bullish cycle through the use of a Fibonacci extension goal. 

Bitcoin price could reach the 1.618 Fibonacci extension, which is roughly $161,800 per BTC. Interestingly, in the event you multiply $100K by the golden ratio, you’ll get $161,800. The highest cryptocurrency touched the golden ratio goal on the 2021 peak when Fibonacci extensions are drawn from the very open of the BTC CME chart to the 2018 bear market bottom. 

The goal is contingent on Bitcoin price having ended its wave 4 expanded flat correction and commenced its wave five impulse. While wave fives are inclined to match wave one in magnitude and strength, they can even mimic wave three — which tends to be the longest and strongest. 

In Search Of Cyclical Confirmation In Crypto

Within the video above, Tony “The Bull” walks step-by-step through each wave count in Bitcoin and uses textbook Elliott Wave examples to clarify how the value motion could develop. 

Within the exclusive in-depth evaluation, each wave terminates at a key Fibonacci level, dating back to the start of the Bitcoin bear market. Using a channeling technique to project the subsequent cycle peak, it is feasible that the daring goal is reached inside the subsequent six months to a 12 months. 

Finally, the cyclical nature of BTC is possibly further confirmed using Hurst Cycle Theory, which suggests a near-perfect cyclical rhythm of bottoming since 2015. Each major bottom also took place inside a logarithmic buy zone and every cyclical top in its sell zone. 

The Fisher Transform is then used to possibly provide confirmation of the presence of one more significant turning point in BTCUSD — and possibly the last bullish impulse before the cycle involves and end. 

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive day by day market insights and technical evaluation education. Please note: Content is educational and shouldn’t be considered investment advice. Featured image from iStockPhoto, Charts from

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