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A new Bitcoin price target is set at $109,000, with one analyst predicting that the pioneer cryptocurrency could rise to this expected level before the end of the year. This bullish prediction comes as Bitcoin is experiencing new momentum that has pushed the price well above $67,000.
New Bitcoin Target Set at $109,000
A Bitcoin technical analyst identified as ‘CryptoCon’ has taken to X (formerly Twitter). reveal are bullish Bitcoin price prediction. While many analysts to believe that this fourth quarter is a significantly bullish period for Bitcoin, CryptoCon confirms this sentiment by predicting that Bitcoin’s price could reach $109,000 as early as December 2024.
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In the analyst’s words: “$109,000 is just the next rung on the ladder for Bitcoin.” This suggests that the analyst has confidence in this Bitcoin could reach this new all-time highbut also has the potential to increase even further over time.
Sharing a detailed diagram of Historical price movements of Bitcointhe analyst highlighted periods when Bitcoin reached new highs, indicating a possible correlation between past bullish trends. In April and July 2023, Bitcoin saw a massive 52% surge, taking its price to $30,362 at the Fibonacci retracement level of 1.618.
Once again, the cryptocurrency saw another 52% rise in January 2024, reaching $46,831 at the Fibonacci level of 2,618. More recently, Bitcoin witnessed a new price spike of 52% around March, reaching its current price highest ever above $73,000, with the price dropping slightly to $71,000 in May.
Following this historical trend, CryptoCon predicts that Bitcoin is gearing up for another 52% rise, possibly to $109,000, at the Fibonacci level of 4,618. The analyst emphasized that The recent rise in the price of Bitcoin had a different ring to it, hinting at the possibility of a continued bull run.
Moreover, the analyst has confidently stated that a recession is happening bear market is unlikely for Bitcoin in the short term. He claims that all the circumstances are perfectly aligned to ensure that 2025 will be the year of all record highs.
Bitcoin price breaks through $67,000
Bitcoin recently crossed the $67,000 mark for the first time since July, when the hype and demand for Bitcoin exceeded the $67,000 mark Discover Bitcoin ETFs was still strong. The unexpected recovery of the market has brought significant profits for many Short-term Bitcoin holders.
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While Bitcoin’s value rose to $67,820 sometime in the last 48 hours, the cryptocurrency’s price has since stabilized and is currently trading at $67,170. CoinMarketCap data shows that Bitcoin is up more than 10% over the past seven days, underscoring investor expectations. growing interest and demand in the pioneer cryptocurrency.
Furthermore, the data has also shown that the broader Bitcoin community is 69% bullish, while only 31% are bearish. This suggests that Investors’ positive sentiment towards Bitcoin is increasing because they may expect more price gains.
Featured image created with Dall.E, chart from Tradingview.com
