Despite the value crash after rising to $69,000, the Bitcoin price stays in the sport, with bulls continuing to carry up the support above $67,000. Bullish sentiment also continues to prevail, with the market still being fairly greedy amid expectations that the pioneer cryptocurrency is gearing up for a big price jump from here.
Bitcoin Can Still Make A 35% Jump
Crypto analyst CryptoCon has revealed that Bitcoin still has a ways to go before the cycle top is in. Within the evaluation posted on X (formerly Twitter), the crypto analyst revealed that the digital asset is yet to achieve Level 3 of the Magic Bands, so the highest just isn’t in yet.
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The analyst points to previous bull cycles where the Magic Bands had been fully accomplished before the highest was finally in. For the entire band to be accomplished, there are 4 levels in total. Nonetheless, the present cycle continues to be only within the 2.5 level, which implies there continues to be a ways to go.
The subsequent major level from here is the Level 3 Magic Band, which normally comes with a surge in price. Following the completion of the Level 2 that saw the value reach a latest all-time high above $72,300, the cryptocurrency is now testing the resistance on the Level 2.5, where a break is required.
If the Bitcoin price is in a position to break this resistance, the crypto analyst sees a 35% surge to $91,500 sometime in 2024. “Taking a while to achieve it at Level 3 of the Magic bands, however it’s the subsequent step,” the crypto analyst stated.
$91,539 goal left untouched and unchanged for #Bitcoin.
Taking a while to achieve it at Level 3 of the Magic bands however it’s the subsequent step.
All in due time… pic.twitter.com/Pwimj05ZQb
— CryptoCon (@CryptoCon_) June 12, 2024
When Will The BTC Price Top?
Using CryptoCon’s Magic Bands evaluation, it is feasible that the Bitcoin cycle top continues to be distant. Because the crypto analyst shows, even after hitting the Level 3 magic band, there continues to be Level 4 left to go, which is what normally marks the cycle top.
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This implies after hitting $91,500 at the highest of Level 3, there may very well be consolidation before the Level 4 Magic Band is accomplished. When this happens, the crypto analyst expects the BTC price to really touch above $123,000 before the cycle top is in.
If CryptoCon’s analyst is anything to go buy, then Bitcoin still has one other 100% move from from its current price before the bull market is over. The cycle top is anticipated to hit sometime around 2026, in response to the analyst.
Presently, the BTC price continues to be being held up by bulls who’ve continued to endure an onslaught from sellers. Despite falling 4.3% within the last week, it continues to be trading at $67,900 on the time of this writing.
BTC price recovers from drop | Source: BTCUSD on Tradingview.com