Bitcoin is taking another breather after hitting a record high of $ 61,781 over the weekend, and again those looking at Fibonacci projections would have been successful.

A Fibonacci forecast of 61.8 percent from the January 22nd low of $ 28,800, the high of $ 58,354 in February, and the subsequent correction of $ 43,021, resulted in a target of $ 61,285. That target was only just exceeded before the market corrected.

The current retreat from a record high could have great technical implications for Bitcoin bulls in and of itself. A low of $ 54,555 cleared a 38.2 percent Fibonacci retrace level that was subtracted from the recent rally from $ 43,021 to $ 61,781. This then opens the more significant retracement level of 50 percent at $ 52,401.

A deeper and more protracted adjustment, however, could form the basis of a right shoulder within a head-and-shoulders pattern, with the potential for significant upward movement.

The next forecast for the January 22nd low, February high and correction is a bull target of $ 65,600. However, if the head and shoulders pattern changes, the goals could be set much higher.