After a strong rally, Bitcoin hit a new all-time high of $ 67,276 on October 20. It was a great moment for all crypto investors. Fibonacci

But instead of talking about where Bitcoin will head in the next few days, I’ll talk about the goal of this cycle.

Using the Fibonacci indicator, I can see that Bitcoin has peaked in the last two cycles with the 2.272 and 2.414 Fib extensions.

If we apply the same range to this cycle, Bitcoin could peak between $ 207,000 and $ 270,000.

diagram BTC/ USDT monthly | The source: TradingView

We can also look at the monthly RSI to calculate when the current bull cycle will end.

Note that BTC tends to end cycles when the monthly RSI is above 90. It also shows a double high per cycle.

I will use this monthly RSI in conjunction with my Net Unrealized Profit / Loss (NUPL) to determine when to exit over the next several months.

Now let’s see what the next bear market might look like if Bitcoin tops out between $ 207,000 and $ 270,000 in this cycle.

The three most recent bear markets produced corrections of 94%, 87% and 84%, respectively.

diagram BTC/ USDT monthly | The source: TradingView

It shows that each bear market has been less drastic than the last.

That is exactly what we should expect from a maturing market. Once there, Bitcoin will likely see a drop in returns, as will the correction.

Hence, I predict the next bear market will be 75% to 80% below the high.

If we assume Bitcoin to hit more than $ 200,000 this cycle and drop to around 75% -80% in the next bear market, it will bottom around $ 50,000.

That was perfect.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

SN_Nour

According to Cryptocademy

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page