Exactly 3 months ago (August 05, see chart below) when the price was on the 1W MA50 (blue trend-line), having hit it for the first time since the week of March 12 2003, we claimed that this was the last stand for Bitcoin (BTCUSD) if the market wanted to maintain the Bull Cycle, as based on the previous 3 Cycles, it was the absolute supporting trend-line:
The 1W MA50 eventually held not once but twice and that gave way to a rally that last week tested the 73800 All Time High (ATH). That is incredibly bullish, especially only two days before the U.S. elections, as from the historic patterns we've shown you before, a Parabolic Rally has started after each election.
So according to our August comparison chart, if history is repeated, BTC is looking towards at least the 1.618 Fibonacci extension from the ATH, which is roughly a little over $170k.
But what do you think? Are you expecting the ATH test to start a massive rally similar to all previous Cycles? And if so, is $170000 a realistic Target? Feel free to let us know in the comments section below!
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