Bitcoin is on the Verge of Making History (But It Just Hit a 618 Meter High Wall)

TL;DR

• BTC just hit its ‘golden fib’ level at $48,550 — if it breaks it before the halving, it will be the first time in history (and we could be on our way to new all time highs).

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That debate we’ve written about three times in the past few weeks?

(Will Bitcoin crash or skyrocket before the halving?)

It is he. ting. up!

One of the foundational tool sets in financial chart analysis, are ‘Fibonacci levels’ (which are based on Fibonacci sequences — the same ones you used to have to study in high school).

And there’s one line on the Fibonacci charts that has never been crossed before the Bitcoin halving (which is due in April of this year).

This level is known as the 0.618 level, or the ‘golden fib.’

Historically, Bitcoin has always tried to moved up towards the golden fib level in the lead up to the halving, but then collapsed -30% or more (before running up to all-time-highs).

This time around — the golden fib level sits squarely at $48,550.

…and guess who Bitcoin kissed this past weekend — $48,535 (the dirty dog)!

So now the market is waiting with bated breath — will BTC break the golden fib and make history!? Or will it collapse as past performance dictates??

Only time will tell ¯\_(ツ)_/¯

(And if you think all of this ‘golden fib’ level business sounds weird — you’re right, it is!)

Remember: technical chart analysis is just astrology for finance bros.

That said…it kinda works. Not well enough to give perfect predictions, but enough to give hints at potential outcomes, with varying percentages of certainty.

If you need us, we’ll be sitting in a dark room, feverishly refreshing our CoinMarketCap app…