A technical analyst has highlighted that bitcoin is approaching “the point where historically the most aggressive part of the bull cycle begins,” forecasting a potential rise to $300,000 for the cryptocurrency. “Unrealistic or not, that gives us a $300,000 projection and is undeniably technical as those are the exact high-to-low measurements at the time it touched the MM [Mayer Multiple] Mean,” the analyst described.
Bitcoin Nears the Start of Historically Aggressive Bull Cycle Phase
Tradingshot, a Tradingview contributor with over 72K followers, has shared insights into where the price of bitcoin is headed. In a post titled “Bitcoin: This Marks the Historic Starting Point,” published on Thursday, Tradingshot employed the Mayer Multiple Mean, a technical indicator that measures bitcoin’s current price relative to its 200-day moving average, to analyze its trajectory.
The analyst explained, referencing the chart below, that BTC “has successfully tested and held the Mayer Multiple (MM) Mean (red trend-line) and is now consolidating.” Noting that the green arrows mark “the point where historically the most aggressive part of the Bull Cycle begins,” Tradingshot pointed out that during instances like July 2013 when the MM Mean was marginally breached, the subsequent rebound was “even more impressive and strong.”
Tradingshot further elaborated that by measuring Fibonacci extensions from the MM Mean’s low to the preceding high, it’s clear that Cycle 1 just exceeded the 2.0 Fibonacci level. Cycle 2 then doubled the Fibonacci level of Cycle 1, reaching 4.0, and Cycle 3 doubled that of Cycle 2, attaining 6.0. This pattern suggests that Cycle 4 might reach an 8.0 Fibonacci level, by adding 2.0 to the Fibonacci level of Cycle 3.
“We can assume, of course always with the relative degree of uncertainty that Cycle 4 might be +2 Fib more of Cycle 3’s Fib i.e. 6.0 + 2.0 = 8.0,” the analyst wrote, concluding:
Unrealistic or not, that gives us a $300,000 projection and is undeniably technical as those are the exact high-to-low measurements at the time it touched the MM Mean.
Do you think the price of bitcoin could reach $300K in this cycle? Let us know in the comments section below.
