BTC technical indicator bullish: VIX panic index suggests bottoming out, Fibonacci predicts a breakthrough of $160,000 in February next year.

The cryptocurrency market fell sharply on hawkish Fed expectations, trading as low as $95,700 today. However, several Technical Analysts remain optimistic about the future direction of BTC, with the Bollinger Bands and Fibonacci extension indicators hinting that the upward trend is not over, predicting a breakthrough of $166,000 in February 2025. (Synopsis: BTCprice drops 96,000, 300,000 Get Liquidated!) Analyst: Fed will slow down interest rate cuts will not change the rise trend of BTC) (Background supplement: What will happen if the US recession next year? Analyst: BTCbig dump to $45,000, U.S. stocks plunged 30%... Since the US Federal Reserve (Fed) hawkish, the cryptocurrency market has quickly taken a Nosedive, with BTC from a big dump of $104,800 on the 19th to a low of $95,700 today, a cumulative decline of 8.7%. In the past 24 hours, the amount of network-wide contract Get Liquidated reached $1.003 billion, and more than 300,000 people were liquidated with heavy losses. However, before this wave of decline, BTC hit a record high of $108,300 on the 17th, and many technical analysts are still optimistic about the future price trend of BTC, believing that this time is a healthy pullback and is expected to rise further. John Bollinger, creator of the well-known technical indicator "Bollinger Bands", tweeted in the early morning of the 19th that BTC's recent trend perfectly demonstrates the classic application of Bollinger Bands. After going through the contraction (Squeeze) phase, the price began to move steadily up along the upper band of the Bollinger Band. This passage implies that BTC is moving very strongly and may continue the upward trend. In the Technical Analysis, the price usually chooses a direction to break out after the Bollinger Band Squeeze contraction, and the trend at that time shows that the BTC price is steadily moving up along the upper Bollinger Band, which is a characteristic of the longs market with a high probability of further rise. Source: @bbands X Fibonacci Expansion Forecast to Exceed $160,000 Next February CryptoCon, a technical analyst with more than 110,000 followers on X, also shared its views based on the Fibonacci indicator on the 19th. He noted that BTC recently approached an all-time high of $109,000, a value that is in line with the goal of Fibonacci expansion, demonstrating the accuracy of the indicator. Looking ahead, CryptoCon believes that BTC is expected to exceed $160,000 in February 2025. "What's next? Will there be a large pullback? With the bull market in full swing, pullback is no longer the main focus. Of course, that doesn't mean pullbacks won't happen, it's just that its impact has become less important. At this stage, the opportunity to enter the market and buy cryptocurrency has passed. What are the next milestones and timing points in the future? I set my next target at the Fibonacci expansion level of 5.618 at a price of around $166,000. My estimation is February 2025, which is based on the current acceleration trend and trajectory. This is not metaphysics, just a speculative goal based on accurate Fibonacci extensions and important time frames. Also, I don't think the February high will be the end of the market." In addition, the Chicago Optionsexchange (CBOE) Volatility Index (VIX), known as the "panic index", also released signals that the price of BTC may touch a local bottom. On Thursday, the VIX surged 74%, its biggest one-day rise since February 5, 2018, and became the second largest rise in the index's history. Historical data shows that a sharp spike in VIX usually signals a local bottom in BTC. Example: February 5, 2018: VIX surged 116% on that day and BTCbig dump 16% to $6,891. However, just 15 days later, on February 20, the BTC price Rebound reached over $11,000. August 5, 2024: 65% rise on VIX during the Japanese yen Arbitrage trading Close Position. At that time, the BTC price fell 6%, hitting a local low of about $54,000, and recovered above $64,000 on August 23. However, experts caution that these theories do not adequately take into account overall economic factors. The current market is affected by the monetary policy of the United States and Japan, and there is a high degree of uncertainty. With the 2025 U.S. rate cut and yen rate hike expectations delayed, the yen Arbitrage differential could be delayed like an unexploded bomb, which could lead to investors being reluctant to put money into risky assets in the short term, especially more cautious Wall Street investors. Will the trend implied by the Technical Analysis indicator be verified again? Let's wait and see. Related reports BTCprice drops $100,000, Ethereum lost $3650, Bauer: Fed is not allowed to hold BTC BTCLong Wick Candle" Curve founder CRV was liquidated, EthereumGas fees soared, trading 45U once Help! BTC narrowly falls below $100,000, EthereumLong Wick Candle $3650, 250,000 Get Liquidated Over $700 Million "BTCtechnical indicator looks: VIX panic index hints at bottoming, Fibonacci predicts to break through $160,000 in February next year" This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Block Chain News Media".