Bitcoin (BTC) hit an all-time high of $72,724 on October 29 after the cryptocurrency asset rose 8.75% in 24 hours. Based on this key indicator, with BTC breaking above the indirect resistance of $71,500, investors can expect a return on investment (ROI) ranging from 145% to 530% over the next 12 months.
Bitcoin 3-day chart. Source: TradingView
Bitcoin price could peak in the $175,000-$450,000 area.
Bitcoin is barely breaking out of a seven-month price consolidation range, and the market is anticipating a period of price discovery after BTC hits a new all-time high (ATH).
Although new research and data have provided varying predictions over the past few weeks, Bitcoin has stuck to levels outlined by the Fibonacci retracement levels between 1.618 and 2.272, where each BTC high was previously achieved.
Bitcoin 2-month Fibonacci retracement level. Source: TradingView
As you can see in the chart, each Bitcoin high since 2013 has occurred between 1.618 and 2.272 Fib, and at the current setup, 1.618 has a price target of $173,088 and 2.272 has a price target of $458,319.
However, over the years, prices have continued to peak at slightly below their previous range as measured by Fib. For example, in 2013, the price peaked just above the 2.272 mark. In 2018, the BTC high was just below the 2.272 Fib line, and in 2021, the cycle high at $69,800 was below the 1.618 level.
Therefore, if the “four years of declining returns” trend continues, Bitcoin’s all-time high could fall below $173,000 in 2025 or 2026.
relevant: Bitcoin hit $73.6K as fundamentals show a new all-time high is programmed.
“The fate of the bull will be decided” – $86,200
According to Bitcoin researcher Axel Adler Jr., the $86,200 level will be a critical point for Bitcoin’s uptrend.
Citing Bitcoin’s short-holder analysis and risk assessment chart, Adler Jr. explained that BTC will hit the current cycle’s high-risk upper limit at $86,200.
Bitcoin risk assessment chart. Source: Alex Adler Jr./X
Previously, the risk cap acted as a key level between January 2023 and January 2024, at which short-term holders took profits and the price of BTC reached a temporary price cap.
A move above this level would lead to an exponential rise in 2021, during which the cryptocurrency asset experienced price discovery. Adler added:
“If the price moves beyond this point and builds strong bullish momentum, we will finally see the results everyone has been waiting for.”
relevant: BTC price sets an all-time high of 68K Euros as Bitcoin Bulls Eye Gold.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.