Bitcoin has experienced extreme volatility, with its price dropping to $91,000 after hitting an all-time high.
However, a crypto analyst believes that BTC’s bull run is far from over and that new record highs are still possible.
Bitcoin’s Market Top Could Exceed $200,000
Despite recent pullbacks, Bitcoin’s long-term bull cycle remains strong, according to market expert Mags.
He argues that while BTC is facing resistance, its overall trend is still upward. His analysis relies on Fibonacci extensions, which have historically signaled major price movements.
Currently, BTC has been rejected at the 1.618 Fibonacci extension, marking the first key resistance level. If Bitcoin breaks through, the next targets are:
- 2.618 Fibonacci extension near $154,522
- 3.618 Fibonacci extension, potentially pushing BTC to $207,701
These levels align with previous market cycles, where Bitcoin peaked at 3.618 Fibonacci before entering a bear market.
Is Now the Right Time to Buy Bitcoin?
Market expert Daan Crypto Trades suggests that the Bitcoin 2-Year MA Multiplier tool can indicate when to buy or sell. Historically:
- Below the 2-Year MA → Good buying opportunity
- Above the 2-Year MA 5 → Overextended, potential sell signal
Currently, Bitcoin is between these two levels, meaning it is not the best time for long-term purchases, but it also hasn’t reached a speculative bubble phase yet.
As Bitcoin hovers around $98,735, investors are watching for a breakout that could signal another bullish surge toward $200,000.
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