With Bitcoin showing no signs of slowing down, a well-known analyst weighs in with some possible Fibonacci price targets for the short-term.
Bitcoin has been on an incredible run over the past couple of months. The price surged above the coveted $20,000 mark earlier in December and it shows absolutely no signs of slowing down, with a current all-time high at above $28,000.
Bitcoin Price on Steroids
Less than three months ago, bitcoin’s price was slightly above $10,000 and it’s unlikely that anyone could have foreseen what followed.
In October, the price started trending up and before we knew it, it had reached below $20,000. It was around the middle of December, however, when things started going parabolic.
In the past 10 days alone, bitcoin gained around $9,000 to its dollar value and it has a current all-time high set above $28,000 with no signs of slowing down.
Things are looking even more impressive when we zoom out a bit more. Bitcoin is up a whopping 650% since the lows in March and just shy of 300% on a year-to-date basis.
Now, analysts are taking their turns to call for the next short-term targets as we continue to march in price discovery.
$30K and $36K Are Next, Analyst Says
As bitcoin trades in uncharted territory, there’s a lack of reference points to help us pinpoint the following targets.
Well-known analyst and trader Alex Krüger, in his latest Twitter entry, discussed some possibilities as to where bitcoin’s price might be headed next.
“When an asset is trading all-time highs, there are no reference points from past trading history to use as levels. In that case, traders look at key round numbers and Fibonacci extensions. The BTC levels traders are looking at now are 30K (round number and fib) and 36K (fib).”
Of course, as always, it’s important to be particularly careful. In the past seven days alone, BTC is up more than 20% and a correction is not out of the question.