Bitcoin's recovery to potentially $150,000 is on the horizon, as analyzed by the crypto analyst TradingShot. While optimism surrounds this forecast, he cautions that temporary price corrections may occur first.
In a recent TradingView post, TradingShot highlighted that Bitcoin has progressed into phase 3 of the bull cycle. The anticipated next peak, he explains, aligns with both the -0.5 horizontal and 2.0 Channel Fibonacci extensions, targeting a price of $150,000. This projection fits the next technical milestone within the current Fibonacci Channel.
Previous phases, 1 and 2, saw multi-month accumulation, allowing for maximum corrections to the 0.382 Fibonacci level. TradingShot envisions another potential 100% price rally, with a possible zenith of $200,000 as phase 3 concludes. His charting suggests Bitcoin reaching this figure from October to December 2026. This prediction correlates with Standard Chartered's forecast of a $200,000 price point by late 2025.
Currently, Bitcoin's price dynamics reveal a touch on its 1-day 50 moving average (MA) after a two-month hiatus, prompting a rebound. The emergence of short-term buyers was noted last week as Bitcoin neared this MA, sparking a notable uptrend. According to TradingShot, the 1-week 50 MA is a critical support level, serving as a foundation since March 2023. It was critically tested twice—once on August 5 and again on September 6—each time reinforcing Bitcoin’s bullish trajectory.
Further Insights into the Fibonacci Channel Up
TradingShot further elaborates on the intricacies of the Fibonacci Channel Up. Bullish trends are inherently linked to structured channels; therefore, Bitcoin’s current trading within the Fibonacci Channel Up extends from the November 21, 2021 bear cycle's low point.
During the initial phase, Bitcoin traded from 0.0 to 1.0 on the Fibonacci scale. It shifted to a 0.5 to 1.5 range in phase 2. For phase 3, TradingShot forecasts a movement from 1.0 to 2.0. He emphasizes the symmetrical nature of sequences, surges, and pullbacks within this framework. Notably, historical rallies have resulted in over 100% surges, referencing the price peaks from April 14, 2023, and January 11, 2024. Subsequent pullbacks typically revert to the 0.382 Fibonacci retracement level, suggesting a consistent pattern might unfold in phase 3.