Phoenix has now published a short term Bitcoin chart using three primary tools: Fibonacci time extension, Elliott Wave, and Fibonacci price extension. That chart indicates that Bitcoin could reach $92,000 on April 5.
Is a near doubling in the price of Bitcoin even possible in a month’s time?
Well, this is Bitcoin, and it has certainly happened in the past.
In April 2020, when the first stimulus bill was passed by Congress and signed by the President, the timing of that stimulus coincided with a significant bull run in the cryptocurrency market. At that time, Bitcoin went from a low of about $4,100 on March 13 to a high that topped $9,400 six weeks later on April 29.
Of course, many investors anticipate that the second stimulus package being passed now will have a similar effect on the price of Bitcoin in the near term.
It is worth noting that the 4 year cycle in Bitcoin points to another blow off top later this year. Tracking that cycle, if Bitcoin were to perform similar this year to its performance in 2017, it would reach $92k sometime in the middle of May.
Early April? Mid May? Sometime later this year?
Nobody knows for certain when Bitcoin will reach $92k, but it certainly does appear it’s only a matter of time.