CryptoCon Cryptocurrency Analyst he emphasized technical indicator who always accurately predicted every local high for Bitcoin in this bull run. Once again, this indicator has revealed the next local high for Bitcoin and when it will occur.
When Bitcoin Reaches Local High of $109,000
CryptoCon scheduled for X (formerly Twitter) fasting That Bitcoin Fibonacci Extension aims to push the flagship cryptocurrency past $100,000, rising to $109,236, which the analyst believes could happen by the end of the year. He suggested that Bitcoin reaching $109,000 by December 2024 would likely only happen if the “1 month in 2023” trend continues.
The analyst’s chart showed that Bitcoin had reached local top this year, a month before each local top in 2023. The last local top for Bitcoin in 2023 carried over into 2024 and occurred in January 2024. Based on the trend, the next local top could occur in December rather than carrying over into the fresh year.
The potential escalate in the value of Bitcoin to $100,000 or even $109,000 is something that several other analystsjust as Geoffrey Kendrick, Head of Digital Assets Research at Standard Chartered, predicted that this would happen at some point. Interestingly, Kendrick he stated that the price of bitcoin will reach $100,000 before the US presidential election in November and $150,000 by the end of the year if Trump wins the presidential election.
Meanwhile, based on the latest CryptoCon analysis, a rally to $109,000 is unlikely to be a market high for Bitcoin as the flagship cryptocurrency still has a long way to go this bull runAnalyst he stated that he is convinced that Bitcoin has more than a year of bullish left based on the 3-week Fibonacci channel RSI. This agrees with the crypto analyst Rekt Capital Forecast that the market peak will not occur before September or October 2025.
BTC could reach $250,000 in this bull run
Cryptocurrency analyst Michael van de Poppe raised the probability of Bitcoin rising to $250,000 in this market cycle. He he stated that a close of the monthly bitcoin candle at around $60,000 could signal consolidation ahead of a “big bullish breakout” that would likely be the start of a “big run” for bitcoin to $250,000.
The $250,000 price target is still lower than that of Cryptoquant CEO Ki Adolescent Ju forecast that Bitcoin could reach a market peak of $265,000 in this market cycle. He made this prediction based on Hashrate/Market Cap Ratiowhich he believes will make bitcoin’s market capitalization three times greater than that seen during the last cyclical peak.
At the time of writing, Bitcoin is trading at around $58,600, down more than 3% in the past 24 hours, according to data data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
