A crypto analyst, Burak Kesmeci, predicts Bitcoin (BTC) could reach $124,000 based on a model using the Golden Ratio. This follows a recent price surge, suggesting further growth is possible.
The Golden Ratio and Bitcoin’s Price
Kesmeci’s prediction uses a “Golden Ratio Multiplier” model. This model combines moving averages and Fibonacci ratios to gauge whether Bitcoin is over or undervalued. It helps identify potential buying or selling opportunities.
Recently, Bitcoin retested its 350-day moving average (DMA) around $77,000. This average acts as a key support level; touching it often signals a good time to buy. After a dip to $75,000, Bitcoin rebounded, reaching as high as $96,000.
According to the Golden Ratio model, Bitcoin is now aiming for 1.6 times its 350 DMA – that’s $124,000. This suggests another price rally is likely, despite recent consolidation. Reaching this level could signal the end of an accumulation phase and the start of a major bullish trend.
Miners Cash In
Meanwhile, another analyst, Ali Martinez, points out that Bitcoin miners recently made around $18.6 million in profit as prices rose above $94,000. This shows some miners are taking profits at these higher prices. However, Bitcoin’s bullish momentum remains strong, driven by factors like increased investment in Bitcoin spot ETFs.
At the time of writing, Bitcoin is trading around $94,393, slightly down for the day.
