Bitcoin is off to the races

Last night (Sunday, March 27th) Bitcoin made a tremendous break out after forming a base above the long term 61.8% Fibonacci retracement at $44,500, using a data set from $33,000(last year’s lows), to $69,000 the all-time high. Yesterday marked the first time Bitcoin had a daily close above this pivotal level since January 4th. We saw Bitcoin form a base in an extremely tight range of only around $500 between the times of 10 PM EDT, March 25th and 10 AM on the next day March 26th for traders on the East Coast. This action was preluding to a bullish breakout was imminent, for this reason we raised our protective stops Saturday from $42,500 up to $44,150, we will be raising them again see the proper action below our article on TheGoldForecast.

Above is the chart from Saturday's stop placement raise.

We entered a long position on March 23rd from $43,000 and we are making two recommendations on when to pull profits. Conservative traders can exit the market at current prices of $48,000 for a $5,000 profit per Bitcoin. Aggressive traders can raise their stops once more to $44,500 and look to exit towards $53,000 if it can effectively close above current resistance at $48,290, the 200-day moving average.

The tactic I am recommending however as the best option, and the one I will use on my track record is to raise protective stops to $44,500 and remain long, we will follow up with further instructions when the current market conditions change.

As I’m writing (5:00 PM EDT) Bitcoin has formed its first four-hour candle above the 78% Fibonacci extension comparing the move from yearly 2022 bottom at $33,000 to the previous yearly high at $45,900. We start this extension from the start of this rally on March 13th, (also the 78% retracement our longer-term data set). The resulting Fib. extension puts the 78% extension at $47,740. It’s too early to say for sure but Bitcoin appears to be doing the same base forming above this level just as it did last night at the very important level of $44,500 before exploding higher moving up $2,000 in a four-hour period!

We are off to the races, so buckle up…

Saturday’s breakout of its four-month range marked the end of Bitcoin’s accumulation period. Things have changed completely over the weekend, we had been forecasting since the end of January, that Bitcoin was in its third iteration of an eight-month cycle it had performed twice before. The eight-to-nine-month cycles included a four-month parabolic rally followed by a three month equally steep correction, and then a two-month accumulation period before starting the cycle over again.

This seasonal rise, fall and forming of a base took us to both of our all-time highs above $60k and made higher highs and upon correcting made higher lows as well. Just as I stated in my article published on January 20th of this year, titled “Twin Tops in Bitcoin”, here’s an excerpt bellow.

• The path that BTC has taken over the past 2 ½ months should really be no surprise to us at all, for it has followed the exact same trajectory in the three months following its first ATH ($65k) in 2021. Not only have the corrections following both all-time highs matched in both intensity and duration, but the rallies proceeding the apex in both instances also share very similar characteristics. If it continues to follow the symmetry that it has exhibited since December 2020 then we should be in for approximately one more month of further consolidation before rallying once more to a new all-time high by late spring or early summer…

…Should this pattern continue as it has and that would mean we would see another large rally beginning early Spring. All things being equal this symmetrical evolution of price in Bitcoin may be the path of least resistance and as they say, things usually come in threes.  -

Jan. 24th, we made our bottom at $33,000, yesterday on March 27th we entered the parabolic rally phase of the third progression of its seasonal swings. The rally portion is the start of the cycle and usually will last around four months and we are expecting prices to not only make a new all-time high, which should reach as high between $72,000 and $85,000. We should hit this new record high by the middle of July. The next few months will prove to be a very lucrative time for crypto bulls, so buckle up buckaroo because its going to be a wild ride and Bitcoin is off to the races.