Cryptocurrency analysis firm Alphractal has released a new report outlining potential price targets for Bitcoin (BTC) based on Fibonacci sequence analysis. The report focuses on the “True Market Mean Price,” a metric that excludes cryptocurrencies associated with mining to provide a more accurate representation of Bitcoin’s underlying value.
Analytics Company Sets Lower and Upper Potential Targets for Bitcoin
According to Alphractal, Bitcoin’s recent surge to the True Market Mean Price x 1.854 level is a significant indicator of market euphoria. This level aligns with previous historical peaks, suggesting that further upside potential may be in store.
However, the report also highlights the risk of a potential market correction. If Bitcoin were to fall below the True Market Mean Price / 1.854 level, as it did during the 2020 Black Swan event, the price could plummet to around $25,700.
If Bitcoin continues to rise, Alphractal predicts that the next major targets are $124,000 and $172,000. These levels represent significant upside potential for investors who believe in Bitcoin’s long-term prospects.
