The ultimate target for Bitcoin in this cycle?
2024-12-17
Category: None

Hello friends, I waited until last night and the closing of the weekly candle to answer this question.

Finally, last night, the weekly candle closed above $104,000, confirming continued upward momentum for me.

When it comes to setting targets for this rally, in my opinion, the best tool to use in trends is the continuation pattern AB=CD.

As you can see, we have a clean and elegant pattern on the monthly timeframe with an attractive target of $260,000.

Additionally, this number aligns with a trendline drawn using two monthly pivot highs, which increases the credibility of this target.

Of course, as the trend progresses, we need to monitor price action more closely and trail our stops. But you can keep this number in mind as the final target for this cycle.

I hope you all have profitable trades and enjoy the bull runnnnnnnnnnnnnnnnnnnnnn! 🚀