Bitcoin recorded renewed growth momentum after the start of the Fresh Year, which raised optimism about the growth trajectory in the coming days. As the flagship asset gains popularity, several analysts say the long-awaited rally to a fresh record high may be imminent.
Key indicators point to Bitcoin’s rally into uncharted territory
With growing interest in the market, Mags, a cryptocurrency expert and trader, did just that he went deeper Bitcoin price action, forecasting a bullish trajectory for the digital asset. An expert highlighting BTC’s upward trajectory predicted that the asset could rise to $155,000 in the coming months.
Mags’ forecasts are in line with historical price trends and current market dynamics, which indicate a possible massive enhance in BTC prices after key break. This prediction is part of a broader belief that BTC will surge in the ongoing market cycle, as seen in previous scenarios.
Additionally, the expert highlighted key Fibonacci levels as key factors that could aid Bitcoin reach its ambitious price of $155,000. WITH growing institutional adoption and a decline in the supply of BTC on cryptocurrency exchanges, the flagship asset may gain more strength for another large move, aiming for fresh highs.
After Wednesday’s rally, the expert noted that BTC experienced a rejection at the 1.618 Fibonacci level. This rejection and current consolidation is very reminiscent of what happened at 0.618.
In this regard, BTC also declined and consolidated for several weeks. The crypto asset then exploded and pushed the Fibonacci range to 0.618 supportwhich reflects its high resistance to deteriorating conditions.
As a result, the analyst believes that a similar development could occur at the Fibonacci level of 1.618. Once BTC manages to move the Fibonacci mark to 1.618 for support, Mags believes that the next major resistance will be near the Fibonacci level at 2.618, which is located near the $155,000 milestone.
More growth on the horizon as the BTC bull market continues
With the broader belief that the ongoing bull cycle is still alive, Bitcoin could be poised for significant growth in the coming months. Mags has he stated that the BTC bull market is not over yet, despite recent price fluctuations and consolidations that have created uncertainty in the community.
The expert points to past price behavior, suggesting that BTC still has room to grow significantly in the current cycle. In particular, Mags cited trends in which Bitcoin consolidated for weeks before breaking out to the top of the market.
If history repeats itself, the expert predicts massive growth in the coming months, reaching market peaks in the range of $220,000 to $300,000. Mags forecasts reflect BTC’s robust performance during the bull market, which is encouraging investors stay engaged with the bigger picture as crypto assets prepare for a bullish trajectory.
Featured image from Unsplash, chart from Tradingview.com
