A member of Tradingview with more than 72,000 subscribers to Tradingshot shared his prediction for the future of the Bitcoin price. In a post titled “Bitcoin: It’s a Historical Starting Point” published on Thursday by Tradingshot, the technical indicator known as the Mayer Multiple Average was used to examine the trajectory of Bitcoin’s price in relation to its 200-day moving average.
The analyst cited the following chart to illustrate his point: “BTC is now consolidating” after “successfully testing and holding the average of the Mayer plural (red trend line).” Tradingshot noted that the green arrows indicate “the point where the most aggressive part of a bull cycle historically begins,” and that instances such as July 2013, when the MM average was slightly broken, resulted in a rebound that was “even more impressive and strong.”
Fibonacci extensions measuring from the MM average low to the previous high made it clear that Cycle 1 just exceeded the 2.0 Fibonacci level, as highlighted by Tradingshot. After that, the Fibonacci level in Cycle 2 was doubled to 4.0, and in Cycle 3, it was doubled again to 6.0. Based on this pattern, cycle 4 has the potential to reach the 8.0 Fibonacci level, which would add 2.0 to the level reached in cycle 3.
Of course, there’s always some degree of relative uncertainty, but we can assume that cycle 4 might be +2 Fibonacci of cycle 3 bigger than Fibonacci cycle 3, meaning that 6.0 + 2.0 = 8.0.
We get a $300,000 prediction from this, regardless of how implausible it is. Because it accurately measures the range from high to low when the MM average is reached, the analyst concluded that it is undeniably technical.