Bitcoin has been in a bull market since the $152 low on Bitstamp back in January 2015. That was the turning point. Ever since then bitcoin price has respected the weekly 20 MA. Everyone who bought when price bounced off the 20 MA is in profit. Right now weekly 20 MA is $3427. It is entirely possible price could drop to $3427 and the bull market remain intact. However the bull market is almost three years old. That is a long time for a bull market. Sooner or later price will drop below the weekly 20 MA, stay below and we will be in a bear market.
As long as the bitcoin bull market remains intact how high can bitcoin price go? Some respected analysts like
masterluc have predicted $9000. Traders who make a living from it often use Fibonacci extensions from previous ATH to swing low to get an idea of prices to take profits at. Here is a chart drawn when price was $2550:
You can see the Fibonacci extensions predicted $4400. Price hit a wall at $5000 but if $5000 is taken out Fibonacci predicts next stop is $7079.