Analysis Company Writes Bullish and Bearish Scenario for Bitcoin: Gives Price Target for Both

Cryptocurrency analytics firm Alphractal has released its latest report titled “Unlocking Bitcoin’s Potential with Fibonacci Insights into Market Average Price,” which offers a comprehensive view on Bitcoin’s price dynamics and potential market targets.

Alphractal explains that the Real Market Average Price reflects the on-chain average price of Bitcoin, excluding mining-related coins. This metric provides a clearer and more accurate perspective on the real market value of Bitcoin, making it an important reference for both investors and analysts.

The analytics firm incorporated several Fibonacci sequence lines into its analysis to identify key support and resistance levels for Bitcoin. In 2024, Bitcoin reaches a level equal to the Real Market Average Price multiplied by 1.854, a significant milestone that lines up with previous historical peaks, including the 2019 high and the $69,000 peak in 2021.

The report highlights that exceeding these extreme levels has historically triggered periods of market euphoria, which has been reflected in Bitcoin’s performance.

While Bitcoin has followed previous cycle patterns, Alphractal notes that many investors are missing out on significant profit opportunities. The analysis cites the Black Swan event of 2020, when Bitcoin fell below its Real Market Average Price to a level equal to the Real Market Average Price divided by 1,854. If a similar event were to occur, analysts say Bitcoin’s price could potentially fall to $25,700.

On the other hand, if Bitcoin continues its rise towards historic euphoria levels, Alphractal sees potential targets at $124,000 and $172,000.

*This is not investment advice.

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