Today, Bitcoin price set a new record. While that statement certainly speaks for itself, it begs the question: what comes next?
Given that this hurdle was the one the entire investor class was looking at, and is now out of the way, the most logical next target could be $ 25,000. This is why this number is significant and why there is a high probability that the price will rise there after that.
All-time high Broken, Bitcoin price to return to price detect mode
For nearly three full years, crypto investors have been waiting for this day and wondering if it would even happen. Holding Bitcoin has been a rocky ride for those who entered at the height of the last bubble.
After the cryptocurrency hit its current level, it fell to $ 3,000 a year later. A return to that key level earlier this year sealed the deal for a fresh upward trend and reduced the likelihood of a lower cryptocurrency.
Related reading | This is what will happen to Altcoins if Bitcoin breaks USD 20,000
That revival sparked a sharp upward trend and now – as of today – Bitcoin price has set a new record.
The leading market cap cryptocurrency is now below the previous high, but a spike higher has set a new record today. The performance is likely to wave waves across financial space, attracting another wave of investors, until the asset peaks and does it all again.
But before the bull market really takes off, the next logical level, according to a crypto analyst, is just under $ 25,000 at $ 24,800.
The 1,272 Fibonacci extension is the next logical target for Bitcoin price | Source: BTCUSD on TradingView.com
Why Cryptocurrencies and Other Assets Respond to Fibonacci Levels
According to crypto analyst Jamie Holmes, the next target is at the 1,272 Fibonacci extension level. Out of that, 1,618, 2,618, and 3,618 sit at $ 30,000, $ 50,000, and about $ 75,000, respectively, and could be next after the first extension has closed.
Holmes rightly called for a retest of ATH after a “bullish saucer” formed on monthly installments. Now he is pointing to the next $ 25,000.
During the last bull market, Bitcoin rose as high as 19,618 Fibonacci level, which could suggest that these early expansions will hardly be a blink of an eye for the now unstoppable cryptocurrency.
Related reading | Fibonacci Day: Using Math to Trade Bitcoin and Altcoins
It’s not exactly clear why Fibonacci ratios and their retracement levels and extensions act as support and resistance, but they do it for all types of assets.
Breaking the 0.618 Fib retracement level at $ 13,800 is what triggered the recent bullish momentum and is sending the cryptocurrency to a new all-time starting today.
The 0.618 level could once again become a target to keep an eye on, this time in support of any major corrections that follow from here.
Featured image from Deposit Photos, Charts from TradingView.com