Bitcoin (BTC) hit an all-time high three-day candlestick closing price of $72,724 on October 29, after the crypto asset rose 8.75% in 24 hours. With BTC above the overhead resistance at $71,500, investors are looking at a return on investment (ROI) range of 145% to 530% over the next 12 months based on this key metric. Possibly.
Bitcoin 3-day chart. Source: TradingView
Bitcoin price could peak in the $175,000 to $450,000 zone
Bitcoin is close to breaking out of its seven-month stable price range, and the market is anticipating a price discovery period after BTC hits a new all-time high (ATH).
While new research and data have contributed to various predictions over the past few weeks, Bitcoin is currently outlined at the Fibonacci retracement level between 1.618 and 2.272, where each BTC high was achieved. I have complied with the level.
Bitcoin 2-month Fibonacci retracement level. Source: TradingView
As shown in the chart, each Bitcoin peak since 2013 has occurred between 1.618 and 2.272 Fib, and with the current settings, the target price for 1.618 is $173,088 and the target price for 2.272 is $458,319. It's a dollar.
However, for many years, the price continued to maintain highs just below the previous range as measured by the Fib. For example, in 2013, the price peaked just above the 2.272 mark. In 2018, BTC's high was just below the 2.272 Fib line, and in 2021, the cycle high of $69,800 was below the 1.618 level.
Therefore, if the “four-year trend of declining returns” continues, Bitcoin's peak price could drop below $173,000 in 2025 or 2026.
Related: Bitcoin hits $73.6 million as fundamentals suggest new all-time highs are planned
“The fate of the bull will now be decided” $86,200
According to Bitcoin researcher Axel Adler Jr., the $86,200 level will be a key point for Bitcoin bulls.
Citing Bitcoin’s short-term holder analysis and risk assessment chart, Adler Jr. explained that Bitcoin reaches the high-risk ceiling of the current cycle at $86,200.
Bitcoin risk assessment chart. Source: Alex Adler Jr./X
Previously, the risk ceiling served as a key level for short-term holders to take profits between January 2023 and January 2024, when BTC price reached a temporary price ceiling.
Above this level, an exponential rally occurred in 2021, during which the crypto asset underwent price discovery. Mr. Adler added:
“If the price breaks above this point and forms strong bullish momentum, we will finally see what everyone has been waiting for.”
Related: Bitcoin turns to gold next, BTC price hits new all-time high of €68,000
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.
