Crypto giant Bitcoin may have witnessed significant volatility, causing its price to drop as low as $91,000 after reaching a new all-time high. However, a crypto analyst believes that BTC’s bull run has not yet reached its peak, suggesting an impending move toward new highs and a market top.

Market Top For Bitcoin Above The $200,000 level

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.

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Author: Godspower Owie