CryptoCon, a renowned cryptocurrency analyst, predicts that Bitcoin (BTC) could see a significant uptick in its value, potentially rising by up to 30% from its current price.
Current Market Status
As of the latest update, Bitcoin is trading at $33,949. Despite the fluctuations, the digital currency is poised for a bullish run, according to CryptoCon’s analysis.
CryptoCon’s Bitcoin price model is based on Fibonacci retracement levels, a popular tool used for identifying potential price targets. He suggests that Bitcoin still has room to grow, aiming for the highest of the five targets set by the Fibonacci model.
Welcome to Mid-Cycle phase 4
— CryptoCon (@CryptoCon_) October 25, 2023
This is the time when #Bitcoin is in between heading to the cycle Mid-Top which is now about 45.5k.
Price has typically come over this.
Interestingly, when phase 2 is over, it's usually a launch straight to phase 5, which means 45k could be soon!… pic.twitter.com/uGsEcUqb5q
Why $45,000 is Achievable
The analyst points out that Bitcoin has already hit four of the five targets, with the fourth one being just 3.3% above this week’s peak at $36,368. He refers to these stages as “phases,” indicating that November could be a pivotal month for Bitcoin’s price trajectory.
“The cycle’s midpoint usually occurs about two months after the conclusion of phase 2. Given that we’re nearing the end of phase 4, we could see Bitcoin surpass the $45,000 mark as early as next month,” CryptoCon elaborates.
For Bitcoin to reach the $45,000 target, it must overcome two critical resistance levels, both of which are approximately at $36,400, according to CryptoCon.
Contrasting Opinions
However, not everyone agrees with this optimistic outlook. Rekt Capital, another trader and analyst, argues that Bitcoin’s current behavior deviates from its four-year cycle pattern. Instead of testing resistance levels, BTC should be testing support, he contends.
Rekt Capital also notes that any significant pullback in Bitcoin’s price would present a golden buying opportunity, differing from the market conditions seen in March 2020 during the onset of the COVID-19 pandemic.
