Crypto analyst CryptoCon has highlighted a technical indicator that has all the time accurately predicted each local high for Bitcoin on this bull run. Once more, this indicator has revealed the subsequent local high for Bitcoin and when it can occur.
When Bitcoin Will Reach A Local High Of $109,000
CryptoCon predicted in an X (formerly Twitter) post that the Bitcoin Fibonacci extension is ready to push the flagship crypto over $100,000 because it rises to $109,236, a move which the analyst added could occur by year-end. He suggested that Bitcoin reaching $109,000 by December 2024 will only likely occur if the “1-month-behind 2023” trend continues.
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Source: X
The analyst’s chart showed that Bitcoin has hit a local top this yr, one month ahead of every local top in 2023. The last local top for Bitcoin in 2023 rolled over into 2024 and occurred in January 2024. Based on the trend, the subsequent local top could occur in December slightly than rolling over into the brand new yr.
Bitcoin’s potential rise to $100,000 and even $109,000 is one which several other analysts, like Standard Chartered’s Head of Digital Assets Research Geoffrey Kendrick, have predicted would occur sooner or later. Interestingly, Kendrick stated that Bitcoin would reach $100,000 ahead of the US elections in November and hit $150,000 by year-end if Trump wins the presidential election.
Meanwhile, based on CryptoCon’s most up-to-date evaluation, an increase to $109,000 is unlikely to be the market top for Bitcoin, because the flagship crypto still has an extended technique to go in this bull run. The analyst stated that he’s convinced that Bitcoin still has over a yr of the bull market to go based on the 3-week Fibonacci Channel RSI. This coincides with crypto analyst Rekt Capital’s prediction that the market top won’t come until sometime in September or October 2025.
Source: X
BTC Could Reach $250,000 In This Bull Run
Crypto analyst Michael van de Poppe has raised the opportunity of Bitcoin rising to as high as $250,000 on this market cycle. He stated that Bitcoin’s monthly candle closing at around $60,000 may very well be the consolidation before the “big bull breakout,” which might likely be the beginning of Bitcoin’s “big run” to $250,000.
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The $250,000 price goal remains to be below Cryptoquant CEO Ki Young Ju’s prediction that Bitcoin could achieve a market top of $265,000 in this market cycle. He made this prediction based on the Hashrate/Market Cap ratio, which he claimed supports a Bitcoin market cap thrice larger than the one it clocked in the course of the last cyclical top.
On the time of writing, Bitcoin is trading at around $58,600, down over 3% within the last 24 hours, in response to data from CoinMarketCap.
BTC price holds $58,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com