Bitcoin Fractal Suggests Upside Potential
Price action that is seen in Bitcoin (BTC) markets seems entirely random, controlled by a select group of “whales” and “ institutions ” that can seemingly flash crash any digital asset with a few clicks. Yet, some don’t think that this in the case. In fact, through the use of fractal analysis, some have been able to predict future price action.
In a recent post published to TradingView, analyst Filb Filb explained that Bitcoin’s recent attempts to break past $9,000 is a “carbon copy” of when BTC tried to break $6,000. More specifically, BTC bounced between the 61.8% and 78.6% Fibonacci retracement levels, then breaking past the 78.6% to rush to the 4.272. Filb explains that if he extrapolates this price action out to the current set up, Bitcoin could see $18,700 in the coming weeks, and potentially move even higher from there if the conditions are impeccable.
What if Bullish Repeating pattern.