Bitcoin Price Rally: Analyst Sets $45,000 Target And It’s Closer Than You Think
October 27 2023 - 7:30AM
NEWSBTC
Bitcoin rallied above $35,000 on the back of the euphoria of the
possible approval of a Spot Bitcoin ETF. Although the rally seems
to have cooled off, a particular crypto analyst’s prediction
suggests that the bulls could enjoy total dominance soon enough in
what will see the flagship cryptocurrency rise to $45,000.
Bitcoin’s Incoming Phase Could See It Hit $45,000 In a post shared
on their X (formerly Twitter) platform, crypto analyst CryptoCon
shared his prediction on Bitcoin’s future trajectory. The analyst
mentioned that Bitcoin was currently at the “Mid-Cycle phase 4,”
which happens to be the period where the crypto token is heading
closer to the “Cycle Mid-Top,” which currently positions Bitcoin to
rise above $45,000. Related Reading: SEC Demands $700 Million
Settlement From Ripple, Pro-XRP Lawyer Reveals Next Steps
CryptoCon’s prediction seems to be made based on the Fibonacci
trading strategy, as evident in the accompanying chart, which he
shared in his post. The chart breaks down 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 Move out of the Lows), Phase 4
(Transition to Cycle Mid-Top), and Phase 5 ( Cycle Mid-Top).
CryptoCon noted that Bitcoin’s price usually hits phase 5 quickly
once phase 2 is over (about two months after, according to the
analyst), and if that is the case once again, then $45,000 could be
soon. If that doesn’t happen, he foresees that Bitcoin could face
resistance at the top of the transition, where it is currently
priced at $36,368. As to when all this could happen, he noted that
October represents the first month after phase 2 ended. Therefore,
the market could see the mid-top phase could happen as soon as
November when Bitcoin will likely hit and rise above $45,000.
Interestingly, CryptoCon’s prediction coincides with that of the
crypto platform Matrixport, which estimates that Bitcoin could hit
$45,000 between November this year and April 2024. In their report,
Matrixport goes on to make a bolder claim that Bitcoin could hit
$125,000 by December 2024. Source: Matrixport Bitcoin Halving Or
Institutional Adoption? Different crypto analysts have continued to
make predictions about Bitcoin’s future trajectory even as the
Bitcoin Halving draws nearer. Some of these analysts have credited
the event as the catalyst that will spark the massive surge in
Bitcoin’s price. Others believe that the launch of a Spot Bitcoin
ETF alongside institutional adoption is what will make Bitcoin hit
new highs. Related Reading: Crypto Analyst Says Bitcoin Is At
A High Premium, How To Trade It Meanwhile, some contemplate that
the market may already be priced in as to any impending 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 predict that we could see
a decline when the ETFs launch due to massive sell-offs from
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
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