Tradingview member with over 72 thousand Tradingshot subscribers expressed his opinion on where the price of Bitcoin is heading. In a post titled «Bitcoin: It's a Historical Starting Point» published on Thursday, Tradingshot analyzed the Mayer Multiple Average technical indicator, which measures the current price of Bitcoin relative to its 200-day moving average, to analyze its trajectory.
Referring to the chart below, the analyst explained that BTC “successfully tested and held the average of the Mayer plural (red trend line) and is now consolidating.”. Noting that the green arrows mark «the point where the most aggressive part of a bull cycle historically begins,» Tradingshot added that at times like July 2013, when the MM average was broken slightly, the subsequent rebound was «even more impressive and strong.» .
Tradingshot highlighted that by measuring Fibonacci extensions from the MM average low to the previous high, it is clear that Cycle 1 just exceeded the 2.0 Fibonacci level. Cycle 2 then doubled Cycle 1's Fibonacci level to reach 4.0, and Cycle 3 doubled Cycle 2's Fibonacci level to reach 6.0. This pattern suggests that cycle 4 could reach the 8.0 Fibonacci level, adding 2.0 to the cycle 3 Fibonacci level.
We can assume, of course, always with a relative degree of uncertainty, that cycle 4 may be +2 Fibonacci of cycle 3 greater than Fibonacci cycle 3, i.e.. is. 6.0 + 2.0 = 8.0.
Unrealistic or not, this gives us a forecast of $300,000. Undoubtedly, it is technical, since it is an accurate measurement from maximum to minimum at the time the average value of MM is reached, the analyst concluded.