As part of a traditional BTC price cycle, Bitcoin BTC stocks are down $34,002 and are expected to reach $45K around November, according to well-known expert CryptoCon. The developer of the Bitcoin price scheme, on October 25, focused on a model based on the levels of Fibonacci retracement in an X forum. With Bitcoin hitting 17-month hikes this week, many market players are anticipating a decline, but CryptoCon thinks there is still a lot of potential.
He demonstrated that there still is an opportunity for USD/BTC to grow to the greatest of the Fibonacci model’s five objectives in order to reach a cycle peak by comparing the present price behavior of BTC with that of past cycles. Target four, which is located at $36,368—roughly 3.3% over this week’s peak—has already been reached. There are “phases” in between, with November serving as the deadline for finishing the current one.
45K Seems Possible For Bitcoin In The Upcoming Month
Following the conclusion of phase 2, it typically takes two months to reach the mid-top cycle. Phase 4’s initial month is almost over, therefore the top may be finished as early as November, according to some of the discussions. Moreover, CryptoCon identified two crucial resistance levels that Bitcoin bulls must overcome in order to reach the $45K objective.
Rekt Capital, a fellow trader and analyst, updated his own comparison of the cycle and forecasted an “entirely different” situation for them in 2023. He contrasted the present environment with that of March 2020 and claimed that BTC/USD must have been testing support at this stage of the four-year cycle rather than resistance. When the COVID-19 epidemic first broke out, the pair hit cycle levels of just over $3,000 because of a cross-market fall. At this stage in the cycle, he noted, “Bitcoin has been doing something entirely distinct than what had been done around 2019.”
