It's Simple: Here's My Next Target for Bitcoin

I keep getting asked where I see Bitcoin heading next, and the truth is—no one knows for sure. But here's the thing: I've been following this same trend-based Fibonacci chart since Bitcoin was under $50K, and it's served me well.

I keep getting messages from traders asking me where I see Bitcoin heading next, and the truth is, no one can say for sure where the market will go.

But here’s the thing: I’ve been following this same trend-based Fibonacci chart since Bitcoin was still below $50K, and it’s served me well.

I prefer a weekly outlook, keeping it simple by observing how Bitcoin respects Fibonacci levels as both support and resistance. After this recent breakout, my next target sits at $130,198, which lines up perfectly with the 3.618 Fib extension.

Of course, nothing is guaranteed, but here’s my reasoning:

This combination of technicals and market sentiment has me keeping a close eye on that $130K zone. As always, I’ll let the chart tell me what’s next.

USDT.D: Signs of Weakness Emerging?

If you’ve been following my previous articles, you’ll know I watch USDT Dominance (USDT.D) like a hawk. Why? Because it gives me an idea of market sentiment.

Right now, USDT.D is sitting at a key daily support level after breaking a massive uptrend that’s been in place since November 2017.

Here’s how I see it: it’s like someone mining for gold with a pickaxe. You can only hit that rock so many times before it finally cracks open. If this support level gives way, I’m looking at the 113 Fib level—which would mean about a 10% move to the downside.

If that happens, in my opinion, we’d see a positive reaction in the overall crypto market. But as always, test this for yourself and make your own judgment.

Altcoins, Altcoins… Where Are You?!

Over the last week, we’ve seen some significant volatility across the altcoin market—which, to be honest, wasn’t surprising. If you remember, I shared the OTHERS chart last week showing altcoins hitting their All-Time High Resistance zone.

Here’s what I’m looking at now:

Instead of focusing on USD pairs, I’m shifting my attention to ALTBTC pairs. This helps me get a clearer picture of how altcoins are performing relative to Bitcoin.

Let’s use SOL/BTC as an example:

Why check ALTBTC charts? When altcoins lose value against Bitcoin, it can be tricky to figure out when they might turn around. By reviewing their BTC pairs, I can identify areas of interest where a shift might occur.

The relationship is simple: when an altcoin starts to gain value against Bitcoin on the ALTBTC chart, its USD price often reflects that movement later on. So, next time Bitcoin is making big moves and altcoins appear to be lagging, it might be worth pulling up the BTC pairs to see how they’re behaving.

Best of luck out there, and may the crypto gods bless your trades!

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Written by Matthew Stella. At the time of writing this article, Bitcoin was trading at $107,035.