 ▲ Bitcoin (BTC) / AI-generated image |
A simple mathematical formula capable of accurately calculating Bitcoin’s (BTC) bottom has been revealed, drawing significant attention from investors.
According to crypto-focused media outlet NewsBTC on March 9 (local time), virtual asset analyst Chetan Gurjar presented a methodology for identifying Bitcoin’s bear market bottom using macro Fibonacci extension levels on the quarterly chart. Gurjar previously used this formula to correctly predict that Bitcoin would bottom near $15,000 in 2022, and he now assesses that Bitcoin has entered a new macro phase. The core of the analysis hinges on whether the 1.618 Fibonacci extension level at $62,084 holds as support.
During the 2021 bull market cycle, Bitcoin failed to break above the 1.618 Fibonacci level and repeatedly faced resistance before declining. However, after recently closing above $62,084 on a quarterly basis, the level has transformed from strong resistance into support. Gurjar notes that with the current quarter nearing its end, Bitcoin is trading stably above this macro level, indicating a successful quarterly retest is underway.
Based on the mathematical formula, the next upside target is the 2.618 Fibonacci extension level at $393,874. Gurjar emphasized that if Bitcoin maintains its current support structure, this figure would serve as the minimum macro target. Taking into account volatility during market expansion phases, he also projected that price wicks could extend toward the $500,000 range. This bold outlook suggests that despite potential temporary corrections driven by volatility in altcoins such as Ethereum (ETH) or XRP, Bitcoin’s long-term upward trajectory remains intact.
The analyst advised that although temporary price declines may occur due to weakness in the altcoin market, the current structure should be interpreted as a strong continuation pattern as long as Bitcoin holds above $62,084. He explained that confirmation of support on the quarterly chart carries far greater reliability than short-term price fluctuations. Investors are at a point where they should read the market’s macro direction through clear mathematical indicators rather than complex emotional judgments.
As the quarter comes to a close at the end of March, the virtual asset market is closely watching Bitcoin’s final settlement price. If it firmly maintains the mid-$62,000 range through the quarterly close, dominant analysis suggests that a historic rally toward $390,000 could begin in earnest. Global investors are now focused on whether Bitcoin, having passed through a mathematically proven bottom zone, can achieve an unprecedented price expansion.
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