In technical analysis shared by renowned cryptocurrency analyst Josh Olszewicz on social media platform Olszewicz, using both Ichimoku Cloud and Fibonacci extensions, illustrates a scenario where a break of this key resistance level could catapult Bitcoin toward its target of $91,500.

Here’s How Bitcoin Could Skyrocket To $91,500

The analysis used the Ichimoku Cloud, a composite technical indicator that provides insight into market dynamics, trend direction, and potential areas of support and resistance over different time frames. Currently, Bitcoin’s price action is portrayed as being in a bullish phase, positioned above the cloud. This position above the cloud is traditionally seen as a bullish signal, suggesting a mighty uptrend with solid support levels formed by the lower limits of the cloud.

In an Ichimoku setup, the conversion line (Tenkan-sen) and the baseline (Kijun-sen) sometimes intersect, providing buy or sell signals based on their intersection with the cloud. According to the latest chart, the conversion line has recently crossed the baseline, reinforcing the bullish outlook presented by the cloud position.

Adding another layer to the technical narrative, Fibonacci extension levels have been plotted from a significant low at $56,485.87 to a high, providing potential targets and resistance levels. The 0.5 Fibonacci extension level is $63,727.40, which is already above the current price trajectory.

Extension 1.0 is at $71,897.29, which is closely in line with the analyst’s $72,000 key level. Additionally, Expansion 1.618 at $83,456.87 represents a lucrative target price for the first release, while the final Expansion 2.0 will be $91,513.53.

The key observation is the volume profile, which shows a downward trend in trading volume. This decreasing volume can often indicate a period of accumulation, as less selling pressure allows prices to stabilize and potentially build a base for an upward breakout. The sinking volume trendline underlies the consolidation phase seen in recent months, suggesting a acute move could occur once accumulation ends.

Olszewicz’s firm comment: “BTC: when will this baby reach 72,000? dollars, you are going to see some serious shit” emphasizes the high stakes associated with this level of resistance. This is not only a technical observation, but a signal to the market that after decisively breaking through $72,000, the path to much higher levels is becoming more and more likely.

Such a breakout would likely trigger an uptick in trading as both retail and institutional investors could view it as confirmation of a sustained uptrend, potentially pushing the price towards the $91,500 level indicated by the Fibonacci 2.0 extension.

At the time of publication, the BTC price was $67,783.

Featured image created with DALL·E, chart from TradingView.com