On a specific timeframe, it’s clear that the 50% retracement level from Fibonacci has not been tested yet. By applying the Fibonacci retracement tool to the recent downward impulse, we can see that after testing this level, Bitcoin could potentially move toward the 161% extension, which aligns with a target of $56,000 per BTC.
The price dropped impulsively, yet the recovery has been slow and weak. However, in my opinion, this target remains achievable. What do you think? Will Bitcoin reach this level? Share your thoughts in the comments!
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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.