Here’s Bitcoin’s timeframe to claiming $200,000 ATH

Key Points

1. Bitcoin has reclaimed the $120,000 support level, with a potential breakout toward $200,000 indicated by its long-term price structure.

2. The 0.5 Fibonacci retracement level is a significant hurdle, historically acting as resistance, but previous cycles have seen Bitcoin break above it and reach higher Fibonacci levels.

3. Key support zones identified are $118,163 and $116,934, where large volumes of BTC were last acquired, providing strong price anchors.

4. Bitcoin is trading above its 50-day and 200-day Simple Moving Averages ($114,109 and $92,926, respectively), confirming a strong long-term uptrend.

5. The 14-day Relative Strength Index (RSI) is not explicitly stated but implied as part of the technical analysis supporting the bullish outlook.