Bitcoin’s price is hovering around $103,000, and while its upward climb from May has slowed recently, the long-term outlook remains positive for many. Some analysts are using long-term indicators to predict future price movements. One such indicator, the Golden Ratio Multiplier, successfully predicted Bitcoin’s peak in 2021 and is now pointing towards a new high.
The Golden Ratio Multiplier: A Track Record of Success
The Golden Ratio Multiplier is a model that uses Fibonacci numbers to forecast Bitcoin’s price trends. It accurately predicted the top of the Bitcoin market in 2017, 2013, and 2021. This time around, it suggests a major peak in March 2024.
March 2024: Mid-Top or Final Peak?
According to analyst CryptoCon, the March 2024 peak wasn’t the final high, but rather a “mid-top.” Bitcoin has already reached Level 4 of the multiplier chart, and Level 5, currently around $160,000, is the next target. This level is predicted to be the cycle’s final peak.
Past Performance, Future Predictions
The current Bitcoin cycle shows similarities to the 2015-2017 period. This suggests we’re in a phase similar to April 2017, which preceded a significant rally. If this pattern repeats, Bitcoin could surge towards the $160,000 Level 5 mark later this year.
$160,000: The Next Big Target?
The Golden Ratio Multiplier chart shows Bitcoin hitting Level 10 in 2011, Levels 9 and 8 in 2013, Level 7 in 2017, and Level 6 in 2021. Following this pattern, Level 5 – around $160,000 – is the likely peak for this cycle. The current price could be a quiet period before a significant price jump. The analyst summarizes the expected price action as a “slower buildup, then all at once.”
