Let me preface by saying this...

Technical analysis is NOT about making black and white predictions.

Anyone that says they can do that is a charlatan.

What technical analysis offers (including Fibonacci), is that it shows areas where price is more likely to bounce.

If you know where price is more likely to bounce, then you are able to better manage your risk.

Do you think this chart predicting Bitcoin ATH for this cycle around $200K is correct?

So with the above in mind, nobody can say if that prediction is correct or not.

What I can say is that it's certainly an interesting prediction and one that I certainly think is likely to play out.

When BTC makes a new all time high, it goes into price discovery mode where there are no historical levels to provide resistance targets.

So round numbers and tools like that Fibonacci extension are all humans can use to try and set targets.

If it's played out exactly like this in the previous 2 cycles when price made a new all time high, then it's definitely something to watch when it breaks out again.

For that reason, I actually really like this prediction.

Thanks for sharing :)

It uses Fibonacci Extension instead of Retracement. Do you know what the numbers 1.272, 1.618 and 2.272 mean?

Fib extensions just use the same mathematical formula as retracements (don't ask me to explain it, I'm not going to pretend I understand the mathematical intricacies haha).

2.272 is just one of these numbers in a sequence that price has reacted at before, so there is a likelihood that it reacts again in the future.

Nothing more than that.

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