Bitcoin’s price action over the last 24 hours saw the price of Bitcoin briefly dip below the $100,000 mark again before breaking above that mark again. Specifically, Bitcoin’s price action over the past 24 hours has been between $98,839.87 and $105,306, highlighting the potential for corrections that could occur as the cryptocurrency continues to rise.

This fluctuation appears among a broader bull market cycle what analysts like CryptoCon suggest is not over yet.

Bitcoin crashing below $100,000 is not the end

CryptoCon Analyst CryptoCon has been consistently tracking Bitcoin’s movements using Fibonacci extensions during the current market cycle. Back in August when Bitcoin was hovering around $60,000, CryptoCon predicted a rise to $109,236 by December. This prediction was based on the Fibonacci expansion of 0.618 and ultimately proved to be extremely correct.

Since first breaching the $100,000 barrier on December 5, this price level has proven to be a psychological barrier and many retests since then. Despite this, Bitcoin enthusiasts remain very sanguine, and the Crypto Feat And Greed Index remains at the Extreme Greed level. As such, the correction over the last 24 hours is viewed by CryptoCon as a minor event in the larger narrative.

According to the analyst, the rise in Bitcoin’s price to $109,000 was clear just one step in his constant journey. The analyst emphasized that corrections, although inevitable, are becoming less and less significant in the context of an increasingly established bull market.

“Adjustments are a matter of thought. It doesn’t mean they won’t come, it just means they aren’t important” – CryptoCon he said regarding the amendments.

Next goal: $166,000 by February 2025

Looking ahead, CryptoCon highlighted the Fibonacci extension at 5.618 as the next key milestone in Bitcoin’s ongoing bull run. This the projection is closely matched with a target price of approximately $162,000. According to the analyst, this ambitious goal could be achieved as early as February 2025, given the current rate of growth in Bitcoin prices.

Currently, the price of Bitcoin is $101,600. For the cryptocurrency to reach $162,000, it would need to register another 60% escalate from its current price level.

CryptoCon does not see the February 2025 target as the end of the Bitcoin bull run. In fact, the forecast is accompanied by a detailed multi-year chart showing Bitcoin’s steady upward trajectory since November 2023. This chart shows a pattern of consistent 52% gains before encountering resistance at Fibonacci extension levels. A path to $162,000 is seen as one of the price targets ahead of significant corrections.

Interestingly, the analysis also points to an even higher price target associated with the Fibonacci extension level of 6.618. If Bitcoin reached this extreme milestone, it would mean: price approximately $254,100.

For now, Bitcoin seems poised for a steady, continuous rise above $100,000, with corrections in between.

Featured image created with Dall.E, chart from Tradingview.com