It is another eventful time in the lifetime of Bitcoin. Many Bitcoiners OG are skeptical about the recent BitcoinETF approved by the United States. Some are optimistic that this event will bring in many common man to participate in the Bitcoin space as well as big money($Trillions of AUM fund managers).
This means one thing; the big guys that have the government officials at their beck and call are now here and visible to the blind.
Now to the update on Bitcoin Price and targets, let us refer back to these posts:
The second post titled Get prepared for Buying Bitcoin now has given a good return at the current price of $42,809(current price atm). Now that we have hunted for the upcoming cycle, remember that these conditions were met as explained in this post.
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We have one more Fibonacci Ratio that hasn't been met, (0.886). Looking at 4 completed cycles, this ratio was met only once. Probability, it means we have a 25% chance of the price getting to that level.
So, what do we do now? If you followed my post mentioned above then this is the recommendation
My recommendation: After getting your average entry, always sell your capital (or plus some gains) at 0.382 or 0.236 Fibonacci retracement of the same retracement that you bought at 0.618, (i.e.: from your Average entry). Leave the rest to multiply.
Based on my recommendation above, you should have sold your capital at $43835 or with some risk appetite at $53453 (if it comes soon).
Your capital should have been out of the market, leaving the "house" money. We are waiting for the last ATH to be broken, $69000 for us to ascertain a new cycle.
I have included a new Fibonacci ratio of 1.618 ($102076), which can also guide us in profit-taking.
Other Fibonacci ratios for profit-taking are
2.618 ($155,597)
4.236 ($242,194)
4.669 ($265,369)
8.77 ($484,858)
16.88 ($610,900)
We have now completed 4 cycles, and all the 4 cycles passed 2.618 Fibonacci ratio, can we say it is 100% sure?? Hahaha, we know nothing is guaranteed.
The Fib extension of 4.669 occurred in 3 cycles, 75%, using the nominal calculations of 3/4.
The Fib extension of 8.77 occurred in 2 cycles, 50%
The Fib extension of 16.88 occurred in 2 cycles, 50 %
This might be the last time I will update the series of Bitcoin cycles and predictions, as I believe the deep-pocket guys are now here and will participate heavily.
They may redefine the ranges and consequently the chart. He who pays the piper calls the tune.
