The leading cryptocurrency Bitcoin (BTC) has experienced a sharp correction over the past two months, dropping to the $80,000 level. However, this week it has rebounded to above $91,000.
As BTC makes a strong recovery, hopes for $100,000 are also rising.
At this point, one analyst predicted that BTC could soon reach $100,000 based on Fibonacci retracements.
FxPro analyst Alex Kupczykevich said in an interview with CoinDesk that Bitcoin has regained the same Fibonacci levels that provided resistance during past recoveries.
Kupczykevich pointed out that Bitcoin broke through the $91,000 barrier and reached the Fibonacci golden ratio level, which is 61.8% of the decline from November 11th to 21st.
He added that if this recovery continues in the coming days, prices could soon reach the $100,000 level.
Bitcoin rose above the $91,000 level to a seven-day high and returned to the 61.8% level, the classic Fibonacci retracement level of the November 11-21 crash.
If the recovery momentum is not lost at these levels in the coming hours, we can expect the price to quickly rise towards the $100,000 level and attempt to break out from further important round levels.
Deribit’s option flow is showing a similar trend, the analyst said. While the large trade is focused on a bullish structure in the $100,000-$118,000 range, we expect more significant macro catalysts to push BTC above $120,000.
*This is not investment advice.
