$BTC rip in a week or 2 according to this
This Bitcoin/USD (BTCUSD) weekly chart on Coinbase includes:
Fibonacci retracement levels from ~50K to ~97K.
Three historical uptrends, marked with white trend lines, aligning with previous bull runs.
SMA 50 (blue line) at ~75K, acting as a major support level.
Current BTC price at ~93K, testing previous all-time highs.
Fibonacci extensions suggesting potential targets:
1.618 (~127K)
2.618 (~174K)
- The white trend lines represent Bitcoin's historical bull runs, showing a repeating pattern of parabolic uptrends before a major correction. Here's what they reveal:
1️⃣ 2017 Bull Run
Steep incline leading to BTC’s first real mania phase.
Price surged from sub-
1K to ~20K before a massive correction.
The trend line broke, confirming the end of that cycle.
2️⃣ 2020-2021 Bull Run
Similar structure to 2017, but with more consolidation before lift-off.
Price rallied from ~10K to ~69K before breaking down.
The trend line served as an early warning of the 2022 bear market.
3️⃣ 2023-2024 Bull Run (Current)
The trend line is still intact, meaning BTC is respecting the current bullish structure.
Price is testing previous ATH (~97K zone).
Break above? 127K-174K targets in play (Fibonacci extension).
Break below? 75K SMA becomes a key level to watch.
Fibonacci retracement levels from ~50K to ~97K.
Three historical uptrends, marked with white trend lines, aligning with previous bull runs.
SMA 50 (blue line) at ~75K, acting as a major support level.
Current BTC price at ~93K, testing previous all-time highs.
Fibonacci extensions suggesting potential targets:
1.618 (~127K)
2.618 (~174K)
- The white trend lines represent Bitcoin's historical bull runs, showing a repeating pattern of parabolic uptrends before a major correction. Here's what they reveal:
1️⃣ 2017 Bull Run
Steep incline leading to BTC’s first real mania phase.
Price surged from sub-
1K to ~20K before a massive correction.The trend line broke, confirming the end of that cycle.
2️⃣ 2020-2021 Bull Run
Similar structure to 2017, but with more consolidation before lift-off.
Price rallied from ~10K to ~69K before breaking down.
The trend line served as an early warning of the 2022 bear market.
3️⃣ 2023-2024 Bull Run (Current)
The trend line is still intact, meaning BTC is respecting the current bullish structure.
Price is testing previous ATH (~97K zone).
Break above? 127K-174K targets in play (Fibonacci extension).
Break below? 75K SMA becomes a key level to watch.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.