Analyst Reveals Bitcoin Fibonacci Channel Resistance Levels and BTC Price Target Over $100k

Bitcoin BTC Price Price Prediction

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Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...

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Last updated: 

November 28, 2024

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Bitcoin has risen by 2% in the past 24 hours, returning to $96,808 as it continues to recover from its corrective selloff earlier in the week.

The coin is still down by 2.5% in the past week, but remains up by 9% in a fortnight and 33% in a month, with its medium-term momentum still strong as it tries to climb higher.

Recent analysis has shown that BTC was always likely to hit strong resistance at the $100,000 level, given that this price aligns with a long-term Fibonacci channel that has rejected earlier highs in 2013, 2019 and May 2024.

But these same Fibonacci channels suggest that the Bitcoin price could even top $200,000 by the middle of next year, assuming continuity with historical data.

Analyst Reveals Bitcoin Fibonacci Channel Resistance Levels and BTC Price Target Over $100k

Posting on TradingView, the TradingShot account observed that Bitcoin hit its first “real resistance” of the current bull cycle when it neared $100,000 last Friday.

There are a couple of key things to take from the above chart, which displays Bitcoin’s price since 2013 and sets it against seven Fibonacci channels.

The first is that the current bull cycle hasn’t hit its absolute peak, which would be somewhere close to the 0 Fibonacci channel (the one at the top).

The second is that it shows how previous bull cycles – long-term moves from a bottom to a top – had lasted around 1,050 days, which implies a peak at some point in September or October of 2025.

The 50-period (blue) and 200-period (orange) moving averages on the chart also support the claim that the current bull market still has plenty of time left to run, given that the 50-period climbed over its longer term counterpart only in August.

And looking at the fundamental picture, it’s likely that the inauguration of Donald Trump in January will result in the steady flow of very positive news for Bitcoin and crypto.

This will give the BTC price further injections of bullishness, helping it to pass $100,000 eventually (if it doesn’t already by the end of 2024) and climb even higher.

As for the near term, its one-hour chart shows it on an upwards trajectory, implying that it could make further gains over the weekend.

Its RSI (purple) is rising towards 70 in a sign of growing buying pressure, while its 30-period average (orange) overtook the 200-period (blue) only a few days ago.

Based on this, Bitcoin could reach $97,000 or $98,000 by next week, before having another go at $100,000 soon after.

New Presale Tokens with Strong Fundamentals

There’s little doubt that Bitcoin will continue to lead the market during the current bull cycle, but it may nonetheless find itself outperformed by numerous smaller coins.

This could also include presale tokens, with the biggest sales often leading to the biggest post-listing rallies.

And the biggest presale right now belongs to layer-two project Pepe Unchained (PEPU), which has raised an astonishing $57.8 million in its token offering.

Pepe Unchained is building a layer-two network for Ethereum, with its L2 offering speedier transactions and competitively low fees.

It’s looking to develop its own ecosystem for meme tokens, with its platform also offering a user-friendly launchpad for new coin issuance.

What’s also bullish that, because of the platform’s scalability, it will provide double the staking rewards it would have as a layer-one coin.

This will provide a greater incentive to hold PEPU, as will the fact that users will need the coin to pay for the layer-two’s transaction fees.

It seems that many investors are already sold on Pepe Unchained’s plans, with the project’s official X account boasting over 65,000 followers.

Read More: Pepe Unchained Price Prediction

This gives a strong indication of how big PEPU could bee once it launches, with investors still able to join its sale by visiting the coin’s official website.

The sale will end in 14 days, with the coin now at its final sale price of $0.01295.

Based on its early success, it could rise much higher than this once it lists in the just over a fortnight.

Buy PEPU Now