Amidst positive sentiment surrounding the cryptocurrency market, well-known crypto analyst and enthusiast Crypto Con has offered a bullish overview of Bitcoin by identifying historical patterns that indicate that the worth of BTC might rise to $123,832 within the upcoming months.
By analyzing past market behavior and trends, the expert has discovered crucial indicators that suggest Bitcoin’s potential to outperform previous highs and reach unprecedented heights.
Most Accurate Bitcoin Price Bands
Crypto Con’s evaluation delves into Bitcoin’s current behavior based on its price bands at several levels, particularly 3 levels, as shown in his chart. In accordance with the analyst, level 3 is currently one of the vital precise bands for the crypto asset, which is valued at $91,539. The expert noted that even with consolidation at level 2.5, the repercussions of this development are already becoming apparent. In consequence, the most important goal for BTC is reaching the extent 3 price band.
Related Reading: Bitcoin Price Goals Higher: Bullish Trend Signals Latest Peaks Ahead
Moreover, he underscored there has never been a cycle during which the highest band of the cycle shouldn’t be precisely touched, which is valued at $123,832, and that is currently witnessing a rise. Thus, on the conclusion of the Bitcoin parabola, the cycle top band may have its biggest growth.
BTC price bands | Source: Crypto Con on X
An extra dive into BTC’s cycle top, Crypto Con has managed to pinpoint the past 2 accurate cycle tops, by employing basic indicators. Specifically, the underside of the primary early top (a yellow dot identified in his chart) in Green 12 months is when these patterns start.
The bottom points of the trend which have been retested probably the most often are utilized by these patterns. Nonetheless, Bitcoin recently reached the cycle’s line on the $74,000 price level, which is the issue.
With BTC reaching a recent all-time high a yr ahead of schedule, it has created an unnatural collision with the trend. As a consequence of this, the expert believes that the road this cycle based on BTC’s fast price motion is not going to rule this cycle peak.
To this point, Crypto Con claims there will probably be unprecedented price movement, which is able to trigger some cycle top measures to interrupt. Nonetheless, it continues to be helpful to listen to past trends in an effort to determine BTC’s price motion.
BTC Poised For six-Figure Price Goal
As Bitcoin continues to display resilience, macro strategist Henrik Zeberg has also forecasted a 6-figure goal for the digital assets in the approaching months. Zeberg claims that the crypto asset is already preparing to enter an upward trend that began on May 20.
In consequence, Zeberg anticipates an over 64% increase by the third of this yr, putting his goal between $110,000 and $115,000. In accordance with the expert, a pattern of highs and lows will function a catalyst for the aforementioned price levels.
BTC trading at $68,350 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com