Bitcoin has started March with a strong performance, breaking above the $60,000 resistance level and closing the month with the highest value since 2022.
BTC, so far, is enjoying a bullish momentum driven by several factors, and according to new insights from an analyst, the rally is likely to continue and propel BTC to new heights.
One of the crypto analysts with a strong conviction in Bitcoin's potential is Trading Shot.
According to a 2 March post on TradingView titled "BITCOIN: Why $81000 may be more realistic than you think!", the analyst outlined reasons why BTC might hit $81,000 before the incoming halving in April 2024.
The expert used the Fibonacci Channel tool to compare the current cycle with the last two cycles and came up with some interesting hypotheses.
According to the analyst, for the first time since June 6, 2022, Bitcoin broke past the 0.382 Fibonacci level on the weekly chart in early February.
This is a massive milestone because, in the previous cycle, BTC hit the 0.5 Fib level twice after breaking the 0.382 Fibonacci level each time.
Additionally, he mentioned that in those two cases, it took around seven weeks (49 days) and eight weeks (56 days) for BTC to move up to the 0.5 Fib level after breaking the 0.382 Fib level.
To this end, the analyst calculated that it would take a maximum of eight weeks for BTC to return to the 0.5 Fib level based on this historical trend.
If this pattern repeats exactly, the target week would be April 1, 2024, before which Bitcoin might hit $81,000 or range between $78,000 and $81,000!
Additionally, Trading Shot argues that the most aggressive stage of the current cycle—may be about to begin in the BTC market.
He argues that the market is acting more similar to the November 2020 fractal than a May–June 2019 fractal, which was affected by the Libra hype, according to the 1W CCI indicator.
This indicates that the market is just beginning the most explosive phase of the cycle, which might result in exponential gains.
Overall, based on these factors, TradingShot argues that Bitcoin could reach $81,000 before the next halving.
This incoming bull market may also turn out to be one of the most violently bullish ones ever seen, as the flagship cryptocurrency approaches the $100,000 mark.
As shown by the chart below, BTC is incredibly close to its all-time high.
As shown by the chart above, Bitcoin is attempting to break and close above the $62,000 zone.
Bitcoin's outlook remains simple from here.
If we see a sustained break and close above the $62,000 zone, BTC is likely to consolidate for a while, considering how the RSI on the weekly chart is showing overbought conditions.
Nevertheless, after the break above this $62,000 zone occurs, we are bound to see the cryptocurrency attempt to break above its $69,000 all-time high, bringing TradingShot's range between $78,000 and $81,000 fully into view.
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