CryptoCon states that Bitcoin is still on course to potentially achieve additional gains of up to 30% compared to its current price levels.
According to popular analyst CryptoCon, Bitcoin (BTC), currently priced at $34,456, is poised to reach $45,000 in November, following a traditional Bitcoin price cycle.
On October 25, CryptoCon, known for creating Bitcoin price models, focused on one that relies on Fibonacci retracement levels.
Bitcoin at 17-Month Highs, More Upside Potential Expected
With Bitcoin achieving 17-month highs this week, many market participants anticipate a pullback. However, CryptoCon believes that there is still significant room for upside potential.
By comparing Bitcoin’s current price behavior to past cycles, CryptoCon demonstrates that BTC/USD could potentially reach the highest target of the Fibonacci model before hitting a mid-cycle top. Four of these targets have already been reached, with the fourth one lying just 3.3% above this week’s high at $36,368. In between these targets are what CryptoCon refers to as “phases,” and November marks a crucial deadline for the next phase to be completed.
“The move to the cycle mid-top typically takes around 2 months after the end of phase 2. Since we’re about to conclude the first month of phase 4, the mid-top could be achieved as soon as November,” as noted in the commentary.
Bitcoin Mid-Cycle Fibonacci Phases chart. Source: CryptoCon/X
Furthermore, CryptoCon highlights two significant resistance levels that Bitcoin bulls need to surpass in order to make the $45,000 target a reality.
“Both of these line up at about $36,400,” he noted.
BTC/USD chart with Fibonacci resistance levels. Source: CryptoCon/X
Different Bitcoin Setup in 2023, Analysts Say
In contrast to previous cycle comparisons, trader and analyst Rekt Capital pointed out that Bitcoin’s setup in 2023 is “completely different.” According to his analysis, at this stage in its four-year pattern, BTC/USD should typically be testing support, not resistance. He drew a distinction between the current situation and that of March 2020 when Bitcoin, amidst the onset of the COVID-19 pandemic, reached cycle lows just above $3,000 as part of a broader market crash.
Rekt Capital stated, “Bitcoin is doing something completely different to what it did in 2019 at this same point in the cycle.”
Bitcoin price cycle comparison. Source: Rekt Capital/X
In several recent posts, Rekt Capital emphasized that a substantial pullback in Bitcoin would present a significant opportunity to buy within the ongoing cycle.
Any deeper retrace that occurs over the next 175 days before the Halving will represent an outsized opportunity for the next few years$BTC #Crypto #Bitcoin pic.twitter.com/KH7bsC7edq
— Rekt Capital (@rektcapital) October 25, 2023
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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