BITCOIN Is $175000 so easy to achieve?

Bitcoin (BTCUSD) broke its All Time High (ATH) this month, making history once again. The quest for the rest of the month is to close the March 1M candle above the previous ATH (69000). Why is this important? Because every time it did so in the past on each and every Cycle, the price never looked back and it entered the most aggressive part of the Bull Cycle: the Parabolic Break-out Phase.

This has coincided with the 1M RSI breaking above the 0.786 Fibonacci retracement level of the Fibonacci Channel Down. As you can see on the chart every time it did so, it reached (or almost) the top of the Channel Down (blue circle) while the price hit the 1.618 Fibonacci extension. During the first 2 Cycles the price went on even considerably higher than that (red rectangle) before the Cycle peaked, while the 1M RSI again hit the top of the Channel Down.

During the previous (most recent) Cycle though, there was no 2nd RSI top, as the price only marginally exceeded the 1.618 Fib with its 2nd top, in fact it didn't even close a 1M candle above it.

As a result, we may have a similar 'Double Top' Cycle this time also, but that's just the modest scenario. In any case the 1.618 Fib extension is now priced at $175000, which technically is a 'certainty' (if you can ever say that in investing) based on this historic chart and the Target of this Cycle.

But what do you think? Is $175k a given and if yes, will BTC surpass the 1.618 Fib for an even higher Cycle Top? Feel free to let us know in the comments section below!


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