Amid the positive sentiment around the cryptocurrency market, renowned analyst and cryptocurrency enthusiast Crypto Con provided a bullish review of Bitcoin identifying historical patterns that indicate that the BTC price may rise to $123,832 in the coming months.
By analyzing past market behavior and trends, the expert discovered key indicators that suggest Bitcoin’s potential to surpass previous highs and reach unprecedented levels.
The most true Bitcoin price bands
Crypto Con analysis delves into Bitcoin’s current behavior based on its price bands at several levels, specifically 3 levels as shown in its chart. According to the analyst, level 3 is currently one of the most precise ranges for the crypto asset, which is valued at $91,539. The expert noted that even with consolidation at the level of 2.5, the effects of this development are already apparent. As a result, BTC’s main goal is to reach the Tier 3 price range.
Related Reading: Bitcoin Price Has a Higher Goal: Bullish Trend Signals Novel Highs Ahead
He further emphasized that there has never been a cycle that has not exactly reached the upper band of the cycle, which is valued at $123,832 and is currently seeing an escalate. So, once Bitcoin’s parabola ends, the upper band of the cycle will see the most growth.
Further dive to the BTC cycle top, Crypto Con managed to pinpoint the last two true cycle tops using fundamental indicators. In particular, the bottom of the first early high (yellow dot marked on his chart) in the Green Year is where these patterns begin.
These patterns most often utilize trend lows that have been retested. However, Bitcoin recently reached the cycle line at $74,000 price level and that’s the problem.
BTC reaching a recent record a year ahead of schedule caused an unnatural collision with the trend. For this reason, the expert believes that the line of this cycle based on BTC’s rapid price action will not rule it peak of the cycle.
So far, Crypto Con claims that there will be an unprecedented price movement that will break some of the most critical cycle measures. However, it is still beneficial to pay attention to past trends to determine BTC price action.
BTC ready for six-figure target price
How Bitcoin continues to show resilience, macro strategist Henrik Zeberg also forecast a six-figure target for digital assets in the coming months. Zeberg claims that crypto assets are already preparing to enter the upward trend that began on May 20.
As a result, Zeberg anticipates more than 64% growth by the third part of this year, setting his target at $110,000-$115,000. According to the expert, the pattern of ups and downs will be the catalyst for the above-mentioned price levels.
Featured image from iStock, chart from Tradingview.com
