Analyst says $62k quarterly Fibonacci support holds, Bitcoin targets $394k
Bitcoin analyst points to a quarterly Fibonacci flip as the new macro guide. He says the 1.618 level near $62,084 shifted from resistance to support.
- In December 2022, Chetan Gurjar projected a bear-market low near $15,000. He later noted the timing slipped by months, but the target held true (X post, Bitcoinist). NewsBTC covered the late‑2022 bottom around $15,000 (NewsBTC on bear-market bottom).
- His method uses macro Fibonacci extension levels on the quarterly chart, focusing on 1.618 at ~$62,084 (NewsBTC on Fibonacci extensions).
- In 2021, quarterly candles were rejected twice at 1.618, reinforcing resistance (NewsBTC on resistance band, NewsBTC on bearish structure).
- He argues 1.618 flipped to support after a breakout. Since then, no quarterly close fell back below ~$62,084, despite wicks including one under $50,000, and price trades above it this quarter ending March (Bitcoinist on fib support, NewsBTC on macro fib level).
- His expansion target is the 2.618 level near ~$393,874 as a minimum if structure holds, with possible wicks toward ~$500,000 during expansion (NewsBTC on $500k scenario). He flags risk of deeper quarterly wicks if altcoins weaken.
What matters for investors:
- The 1.618 quarterly level near $62k is the key pivot. Holding it frames a continuation structure.
- Breach on a quarterly close would invalidate the thesis. Above it, the roadmap sets 2.618 (~$394k) as the next macro target range with high volatility.
Linked asset:
- Bitcoin (BTC)
