CandleFocus Market Expert Predicts When Bitcoin Will Reach Its Top for This Cycle
2024-10-25
Author: Content Editor
A market expert known as EGRAG has shared a chart predicting when Bitcoin (BTC) might reach its peak price for this cycle. Based on an analysis of four Bitcoin cycles and Fibonacci retracement levels, EGRAG suggests that the next price peak for BTC could occur in mid to late 2025. Historical data from previous cycles supports this projection, with BTC taking an average of 265 days from a full-body candle close above Fibonacci 1 to reach its cycle top. However, the longest cycle took 335 days, leading EGRAG to also consider September 2025 as a potential peak. The projection is based on the belief that once Bitcoin surpasses Fibonacci 1, it often rallies further towards Fibonacci 1.618 or higher. Market veteran Peter Brandt has previously speculated on Bitcoin's cycle top, suggesting it might be $135K, but maintains a bearish position overall.
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