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Investing.com – The rally of the past two weeks has seen BTC currently be one of the best performing assets of 2023, according to Bloomberg Intelligence.
It seems obvious that cryptocurrency experienced a similar development in early 2019. The big difference, however, is that this time around the market is in a phase of monetary policy tightening. Mike McGlone says:
“This time the US Federal Reserve is tightening monetary policy…the inflection point of $5,000 four years ago compared to $20,000 today could be a clue to where the price of the longer term”.
An ultimate target for the next upside move has already been identified. Based on Fibonacci numbers and Elliott Wave Theory, Tony Spilotro has determined a price target of $161,800, where the 161.8% Fibo expansion is.
According to him, the price is finishing the 4th wave of Elliott before the final 5th wave takes bitcoin to new all-time highs. Spilotro explains as follows:
“The target hinges on bitcoin price ending the wave four extended flat correction and initiating the wave five impulse. While wave five generally matches wave one in magnitude and strength , it can also mimic the third wave – which is usually the longest and strongest”.
Von Marco Oehrl