TL;DR
Full Story
Bitcoin’s ‘golden fib’ level that we talked about yesterday?
(The $48,550 level).
BTC just blew right past it and cracked $50,000 — making it the first time in Bitcoin’s history that the golden fib level has been broken before the halving.
“Ok, that’s cool…why should I care?” — you, probably.
Think of breaking the .618 fibonacci level (aka the ‘golden fib’) as a starters pistol. Historically, once it goes off — Bitcoin gets to moving, first reclaiming its previous all-time-high, then going in to ‘price discovery.’
(Aka “Holy hell, we’re in uncharted territory now — all bets are off! How high can this thing go??” mode).
Usually, the golden fib is only broken after the halving (which is due at the end of April), but thanks to all of the buying pressure from the Bitcoin ETFs — it has broken early for the first time ever.
Need some more context?
Here’s our bull market check list so far:
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Bear market bottom (happened late ‘22) ✅
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Re-accumulation (Jan-Sep ‘23) ✅
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Pre halving run up in price (started Oct ‘23) ✅
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Golden fib is touched, but not broken (Jan 07 ‘23) ✅
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Price crashes 🛑
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Rebuilds 🛑
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Golden fib is broken ✅ (Feb 12 ‘23) ← 🗺️ WE ARE HERE
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Recaptures previous all-time-high
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Price discovery
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Market tops
See how we just skipped 5 and 6 (the painful steps)? Pretty neat!
Next on the list is $69k (fingers crossed).
