1 Dogecoin Price Crash Part Of The Master Plan?

Bitcoin is struggling to reclaim key resistance levels after a pullback. Despite the sharp correction and market fluctuation, Mags, a seasoned market expert and trader outlines that BTC’s bull market cycle remains strong in the long term.

The expert shared his perspective on BTC’s market dynamics as speculations about the asset reaching its peak for this cycle. Bitcoin’s overall trend is still upward even though major support levels have been tested by short-term retracements, which is an encouraging sign for another breakthrough in the upcoming months.

Mags’ analysis is based on critical Fibonacci extensions that have historically signaled a rally and a potential market peak. It is worth noting that Fibonacci extensions play a vital role in determining the next possible resistance levels.

Heightened volatility may have hindered upside momentum, but Mags expects BTC to enter a price recovery in the short term. Once the flagship asset enters price recovery, the expert has highlighted 3 distinct key Fibonacci extension levels in its bullish journey such as 1.618, 2.618, and 3.618.

Considering past cycle trends, these Fibonacci extension levels could help gauge BTC’s next rally and identify its market top for the ongoing cycle. As seen in the previous bull cycle, Btcoin reached its top at the 3.618 Fibonacci extension before going into a bear market.
Meanwhile, BTC is being rejected at the 1.618 fib extension level in the current cycle, marking the first key resistance in its rally toward new highs. Strong support and a breakout above this level are expected to bolster further uptrends to other fib extension points.

When this happens, Bitcoin will surge to the next extension of 2.618, which is located close to $154,522, before moving forward to the last extension of 3.618 at around $207,701. Mags urges investors to keep an eye on these levels when the price shifts toward a positive direction again.