Popular CryptoCon analyst said that Bitcoin (BTC) is on track to hit $45,000 in November as part of a classic BTC price cycle.
In Thread X On October 25, the creator of the Bitcoin price model turned his attention to a model based on Fibonacci retracement levels.
Analyst: $45,000 next month is ‘possible’ for Bitcoin
With Bitcoin hitting 17-month highs this week, many market participants are expecting a pullback, but CryptoCon believes there is plenty of upside potential left.
By comparing BTC’s current price behavior to previous cycles, he showed that there is still room for BTC/USD to rise to the highest of the five Fibonacci model targets to reach a mid-cycle high.
Four have already been sighted, with the target fourth sitting about 3.3% above this week’s high of $36,368. In between there are so-called “stages” – and November marks the end of the next one.
“The transition to a mid-top cycle typically takes about 2 months after the end of Phase 2. As our first month comes to an end in Phase 4, the mid-top could end as early as November,” reads part of the comment.
“Translation: possible move above 45,000 next month.”
Fibonacci phase chart in Bitcoin’s mid-cycle. Source: CryptoCon/X
Moving on, CryptoCon signaled two key resistance levels that Bitcoin bulls need to overcome for the $45,000 target to become a reality.
“They both cost about $36,400,” he noted.
BTC/USD chart with Fibonacci resistance levels. Source: CryptoCon/X
BTC price cycle behavior ‘completely different’
Updating your own cycle comparisonMeanwhile, fellow trader and analyst Rekt Capital described a “completely different” setup for Bitcoin in 2023.
Related: “This Is a Trigger” – Arthur Hayes Says It’s Time to Bet on Bitcoin
He argued that at this point in the four-year trend, BTC/USD should be testing support, not resistance, contrasting the current landscape with that of March 2020.
At the time, the pair hit a cycle low just above $3,000 as part of the multi-market crash caused by the onset of the Covid-19 pandemic.
“Bitcoin is doing something completely different than what it was doing in 2019 at the same point in the cycle,” he wrote.
Bitcoin price cycle comparison. Source: Rekt Capital/X
In various recent posts on X, Rekt Capital added that any significant pullback would represent a significant cyclical buying opportunity.
Any deeper pullback that occurs in the next 175 days before Halving will represent a huge opportunity for the next few years$BTC #Crypt #Bitcoin pic.twitter.com/KH7bsC7edq— Rekt Capital (@rektcapital) October 25, 2023
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
