Despite the price crash after rising to $69,000, Bitcoin price remains in play with bulls still holding support above $67,000. Bullish sentiment continues to prevail, with the market still quite acquisitive amid expectations that the pioneering cryptocurrency is preparing for a significant price jump.
Bitcoin could still make a 35% jump.
CryptoCon analyst revealed that Bitcoin still has a long way to go before the cycle reaches its peak. In an analysis published on X (formerly Twitter), the cryptocurrency analyst revealed that the digital asset has not yet reached the level of 3 magic bands, so the peak is not yet ready.
The analyst points to previous bull cycles where Magic Bands were fully completed before a top finally emerged. A total of four levels are needed for the entire strand to be completed. However, the current cycle is still only at level 2.5, which means there is still a lot of work to be done.
The next crucial tier is the Tier 3 Magic Band, which usually comes with an escalate in price. After completing level 2, where the price reached a modern all-time high above $72,300, the cryptocurrency is currently testing resistance at the 2.5 level, where a break is needed.
If Bitcoin’s price is able to break this resistance, the cryptocurrency analyst expects it to escalate by 35% to $91,500 sometime in 2024. “It takes some time to reach level 3 of the Magic Bands, but that’s the next step,” the cryptocurrency analyst said.
The goal of $91,539 remained unchanged #Bitcoin.
It takes some time for Magic teams to reach tier three, but it’s the next step.
Everything at the right time… pic.twitter.com/Pwimj05ZQb
— CryptoCon (@CryptoCon_) June 12, 2024
When will the BTC price reach its highest level?
Using CryptoCon’s Magic Bands analysis, it is possible that the peak of Bitcoin’s cycle is still far away. As the cryptocurrency analyst shows, even after reaching the magic band of level 3, there is still level 4 to pass, which usually marks the peak of the cycle.
This means that after reaching $91,500 at the top of Level 3, consolidation could occur before completing the magic band of Level 4. When this happens, the cryptocurrency analyst expects the BTC price to actually exceed $123,000 before the cycle reaches its peak.
If the CryptoCon analyst is able to buy something, Bitcoin still has another 100% move from its current price before the bull market ends. According to the analyst, the cycle will peak around 2026.
Currently, the BTC price is still supported by bulls who continue to experience an onslaught from sellers. Despite falling 4.3% in the last week, it is still trading at $67,900 as of this writing.
