Crypto analyst CryptoCon has one emphasized technical indicator which she has always accurately predicted locally high for Bitcoin in this bull run. Once again this indicator has revealed the next local high for Bitcoin and when it will happen.
When Bitcoin will reach a local high of $109,000
CryptoCon predicted in an X (formerly Twitter) after that the Bitcoin Fibonacci Extension The flagship crypto is targeted to break above $100,000 as it rises to $109,236, a move the analyst added could happen by the end of the year. He suggested that Bitcoin reaching $109,000 in December 2024 will likely only happen if the “1 month after 2023” trend continues.
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The analyst’s chart showed that Bitcoin was a local winner this year a month before any local top in 2023. The last local top for Bitcoin in 2023 extended into 2024 and took place in January 2024. Based on the trend, the next local top could happen in December instead of rolling over to the New Year.
Bitcoin’s potential rise to $100,000 and even $109,000 is one of them several other analystsas Standard Chartered’s head of Digital Assets Research Geoffrey Kendrick, have predicted this would happen one day. Interestingly enough, Kendrick declared that Bitcoin would reach $100,000 before the US elections in November and reach $150,000 by the end of the year if Trump wins the presidential election.
Meanwhile, based on the latest analysis from CryptoCon, a rise to $109,000 is unlikely to be the market top for Bitcoin as the flagship crypto still has a long way to go. this bull run. The analyst declared that he is convinced that Bitcoin still has over a year of bull market left based on the 3-week Fibonacci Channel RSI. This coincides with crypto analyst Rekt Capital’s prediction that the market top will not come until sometime in September or October 2025.
BTC could reach $250,000 in this bull run
Crypto analyst Michael van de Poppe has raised the possibility that Bitcoin could rise to $250,000 in this market cycle. He declared that Bitcoin’s monthly candle close at around $60,000 could be the consolidation before the “big bull breakout”, which would likely be the start of Bitcoin’s “big run” to $250,000.
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The $250,000 price target is still below that of Cryptoquant CEO Ki Young Ju prediction that Bitcoin could reach a market top of $265,000 this market cycle. He made this prediction based on the Hashrate/market cap ratiowhich he claimed supports a Bitcoin market cap three times greater than that at the last cyclical top.
At the time of writing, Bitcoin is trading around $58,600, down over 3% in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com