According to the analyst, November will pave the way for a potential BTC surge above the $45,000 mark.
As Bitcoin (B T c) has continued its bullish path throughout the week, with the cryptocurrency market abuzz with speculation about its next milestone. Taking advantage of insights from past market cycles, Bitcoin is set to reach the crucial threshold of $45,000 in November, according to a comprehensive analysis by leading financial analyst CryptoCoin.
CryptoCon shared these insights in a series of posts on X, highlighting the intricacies of Fibonacci retracement levels.
Bitcoin could reach $45,000 in November
Despite Bitcoin reaching a 17-month peak this week, market expectations suggest a possible retracement. However, crypto analysts remained steadfast in their belief that BTC has ample room for upside, noting that it is possible for the digital asset to reach $45 next month.
By combining the current price action with historical patterns, the analyst highlighted the potential for BTC/USD to break the highest point of the Fibonacci model, indicating a mid-cycle top.
He further noted that out of the five predetermined targets, Bitcoin has already surpassed four, with the fourth target being just 3.3% above the recent peak of $36,368. According to him, November is now marked as the turning point for the completion of the next phase, paving the way for Bitcoin to rise above the $45,000 mark.
“Welcome to Mid-Cycle Phase 4. This is when #Bitcoin is in the midst of moving towards the mid-top of the cycle, now around 45.5k. The price has usually come above this. Interestingly, when Phase 2 ends, it usually launches straight into Phase 5, which means 45k could be coming soon! (small green arrows),” that Said,
Rect Capital Counters Analyst Projections
While CryptoCon believes that BTC is poised to reach another record high since last year’s market winter, he noted that there are two major resistances for Bitcoin enthusiasts to meet this ambitious goal It is necessary to break the levels.
In response to this optimistic outlook, another expert, Rect Capital, emphasized the divergence in Bitcoin’s current behavior compared to the same period in 2020, indicating an opposite trend in support and resistance dynamics.
Bitcoin is doing something completely different from what it did in 2019 at this same point in the cycle$BTC #crypto #Bitcoin pic.twitter.com/dxiKtMyXUK
– Rekt Capital (@rektcapital) 25 October 2023
In parallel to these projections, other analysts including Crypto Pockets are predicting a substantial rally in Bitcoin, with a potential climb to over $70,000 by the end of the upcoming year, keeping market sentiments upbeat.
Earlier this year, the financial services company standard Chartered Bank An upbeat estimate in July suggested a potential surge to $120,000 by the end of 2024.
Additionally, another company, Matrixport, speculated that BTC could go parabolic after the United States Securities and Exchange Commission (seconds) approved a potential Bitcoin spot exchange-traded fund (ETF) next year. company Estimate Crypto assets could reach $125k by December 2024.
Chimamanda is a crypto enthusiast and experienced writer who focuses on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed her interest in emerging economies. She combines her passion for blockchain technology with her love for travel and food, bringing a new and fascinating perspective to her work.
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