Bitcoin (BTC) may have hit highs of $60,000, but calculations propose that the price level will affair much more to bears, not bulls.

In a tweet on Oct. 14, pop Twitter account TechDev once again highlighted historical data that has so far accurately tracked Bitcoin's highs and lows.

How about an fourscore% BTC price crash to... $sixty,000?

While BTC/USD is tipped to retake all-time highs and climb to 6 figures this year, investors' attending is already turning to how far Bitcoin will autumn after its next blow-off top.

The idea that BTC price action moves in cycles — with a surly stage and a bottom of 80% of the blow-off top — has become widely accepted.

What is much harder to believe in current circumstances, however, is that $60,000 may just be the cost flooring of that potential 80% correction.

Using Fibonacci sequences, TechDev showed that each Bitcoin bear bottom fell within an identical range. This accounts for both the sub-$200 lows in 2022 and the roughly $3,200 floor in December 2022.

Given Bitcoin'south cyclical metamorphoses, the next logical retracement, therefore, has anywhere from $47,000 to $60,000 as a target.

"I know no one cares about macro during a pump. Merely the terminal two BTC comport markets bottomed in the 1.486-1.618 log fib pocket of the previous cycle," he commented.

"Suggests the next behave bottom is 47-60K. If that's where we land after an 80-85% fall... The math gets fun."
BTC/USD annotated nautical chart. Source: TechDev/Twitter

$60,000 as 20% of the top puts Bitcoin in line for a test of $300,000 this bike.

Uncanny resemblances to gold

The momentum behind Bitcoin has been tied to expectations that U.s. regulators will finally approve some grade of Bitcoin exchange-traded fund (ETF).

Related: SEC likely to let Bitcoin futures ETF to merchandise next week: Reports

While opinions on the impact of such a determination are mixed, its importance is no ruby-red herring, commentators say, and marks a genuine watershed for Bitcoin, which cannot exist reversed.

Austrian investor and analyst Niko Jilch this week referenced famed investor Paul Tudor Jones while explaining the "excitement" over the Bitcoin ETF.

Tudor Jones had previously highlighted Bitcoin's cycles being similar to gold in the 1970s — just when it had go a futures product itself and enjoyed a ten-year bull run followed past a 50% correction.

Gold's 1970s rip, TechDev additionally noted, fits extremely neatly over Bitcoin'south functioning since Oct 2022.