Bitcoin’s price has skyrocketed recently, jumping almost 9% in a week to nearly $119,000. This surge even broke past its previous all-time high. But one analyst thinks this is just the beginning.
The “Golden Number” Theory
Crypto analyst CryptoCon believes a long-term pattern points to a much higher Bitcoin price. Their analysis uses the 5.618 Fibonacci extension – a number they claim has accurately predicted previous Bitcoin peaks.
This “golden ratio” has seemingly lined up with Bitcoin’s price highs in:
- June 2011 ($30.84)
- November 2013 ($1,205)
- December 2017 ($18,702)
- November 2021 ($63,839)
Applying this same method to the current cycle, CryptoCon predicts Bitcoin could hit between $170,000 and $180,000. Their most precise prediction, based on the Fibonacci extension, is a whopping $184,181.
What Fueled the Recent Surge?
Several factors likely contributed to Bitcoin’s recent price jump:
- Short Squeeze: A massive short squeeze eliminated over $1 billion in bearish bets.
- ETF Inflows: US Spot Bitcoin ETFs saw over $1 billion in daily inflows for two days straight.
CryptoCon also noted that Bitcoin’s recent sideways trading between $105,000 and $108,000 couldn’t last forever, predicting a significant price movement. At the time of writing, Bitcoin is trading slightly below its recent high, but other analysts are eyeing $130,000 as the next potential consolidation point on the way to the predicted peak.
