Bitcoin rose above $35,000 on the back of the euphoria of the possible approval of a Spot Bitcoin ETF. Although the collection seems to have cooled off, a certain crypto analyst’s prediction suggests that soon enough the bulls could enjoy total dominance in what the future will see. flagship cryptocurrency rises to $45,000.
In Bitcoin’s upcoming phase, it could reach $45,000
In a after Shared on their X platform (formerly Twitter), crypto analyst CryptoCon shared his prediction about Bitcoin’s future trajectory. That’s what the analyst said Bitcoin was currently in the ‘Mid-Cycle Phase 4’, which happens to be the period where the crypto token is moving closer to the ‘Cycle Mid-Top’ it is currently positioning Bitcoin will rise above $45,000.
CryptoCon’s prediction appears to be based on the Fibonacci Trading Strategy, as shown in the accompanying graph, which he shared in his post. The chart divides Bitcoin’s historical price data into four cycles, namely: Cycle 1 (2010-2014), Cycle 2 (2015-2018), Cycle 3 (2019-2022), and Cycle 4 (2023-2026).
Source: X
The phases in these cycles
These cycles are further divided into five phases, which CryptoCon seemed to focus more on. These phases include Phase 1 (cycle lows), Phase 2 (transition from cycle lows), Phase 3 (first step out of the lows), Phase 4 (transition to cycle mid-top), and Phase 5 (cycle mid-top). .
CryptoCon noted that Bitcoin’s price usually quickly reaches phase 5 once phase 2 is over (about two minutes). months after that, according to the analyst), and if that’s the case again, that could soon be $45,000. If that doesn’t happen, he provides Bitcoin might encounter resistance at the top of the transition, where the price is currently $36,368.
As for when all this could happen, he noted that October is the first month after Phase 2 ends. Therefore, the market could see that the mid-top phase could happen as early as November, when Bitcoin is likely to rise above $45,000.
Interestingly, CryptoCon’s prediction coincides with that of crypto platform Matrixport, which estimates that Bitcoin could reach $45,000 between November this year and April 2024. reportThen, Matrixport claims that Bitcoin could reach $125,000 by December 2024.
Source: Matrixport
Halving Bitcoin or institutional adoption?
Several crypto analysts have done that continued to make predictions about Bitcoin’s future trajectory, even as the Bitcoin halving approaches. Some of these analysts have credited this the event as the catalyst that will cause the massive increase in the price of Bitcoin. Others believe that launching a Spot Bitcoin ETF alongside institutional adoption will be the solution Bitcoin has reached new highs.
Meanwhile, some think the market may already be priced in regarding any upcoming approval of a Spot Bitcoin ETF, as this is a classic case of ‘buy the rumor, sell the news’. If that is the case, many are predicting that we could see a decline when the ETFs launch due to massive sell-offs by traders and investors looking to realize their gains.
BTC maintains above $34,000 | Source: BTCUSD on Tradingview.com
Featured image from Shutterstock, chart from Tradingview.com