Despite the price crash after rising to $69,000, Bitcoin price remains in play with the bulls continuing to hold the support above $67,000. Bullish sentiment also continues to prevail, with the market still quite greedy, amid expectations that the pioneering cryptocurrency is gearing up for a significant price increase from here on out.
Bitcoin can still make a 35% jump
Crypto analyst CryptoCon has revealed that Bitcoin still has a long way to go before the cycle top arrives. In the analysis on X (formerly Twitter), the crypto analyst revealed that the digital asset has yet to reach level 3 of the Magic Bands. so the top hasn’t arrived yet.
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The analyst points to previous bull cycles where the Magic Bands were fully completed before the top was finally in. To complete the entire band, there are a total of four levels. However, the current cycle is still only at level 2.5, meaning there is still some way to go.
The next big level from here is the Level 3 Magic Band, which usually comes with a price increase. Following the completion of Level 2, which saw the price hit a new all-time high above $72,300, the cryptocurrency is now testing resistance at Level 2.5, where a breakout is needed.
If the Bitcoin price can break through this resistance, the crypto analyst sees a 35% increase to $91,500 sometime in 2024. “It will take a while before we reach level 3 of the Magic bands, but it is the next step,” said the crypto analyst. declared.
The $91,539 target remained untouched and unchanged #Bitcoin.
It takes some time to reach level 3 of the Magic bands, but it is the next step.
All in due time… pic.twitter.com/Pwimj05ZQb
— CryptoCon (@CryptoCon_) June 12, 2024
When will the BTC price rise?
Using CryptoCon’s Magic Bands analysis, it is possible that the top of the Bitcoin cycle is still far away. As the crypto analyst shows, even after reaching the magic band of level 3, there is still level 4 to go, which usually marks the cycle top.
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This means that after reaching $91,500 at the top of Level 3, consolidation may occur before the Level 4 magic band is completed. When this happens, the crypto analyst expects the BTC price to actually rise above $123,000 before the cycle top arrives.
If CryptoCon’s analyst wants to buy, Bitcoin still has a 100% move from its current price before the bull market is over. The cycle top is expected to occur sometime around 2026, the analyst said.
Currently, BTC price is still held up by bulls who continue to endure an onslaught of sellers. Despite a decline of 4.3% in the past week, the stock is still trading at $67,900 as of this writing.