Bitcoin’s Upcoming Leap? Analyst Predicts A Potential $45,500 Rise By November
26 Oktober 2023 - 8:00PM
NEWSBTC
Bitcoin (BTC), the pioneering digital currency that has recently
seen a notable surge recording 51% in global crypto market
capitalization dominance, has now received a fresh analysis from
CryptoCon, a seasoned crypto technical analyst hinting at a
potential surge in the asset’s price. This projection, shared in a
recent post on X (formerly known as Twitter), has caught the
attention of many, given its bullish outlook amid the present
market landscape. Related Reading: Crypto’s Red Alert: Is War
Pushing Bitcoin To $1 Million? Arthur Hayes Weighs In Bitcoin
Enters Mid-Cycle Phase Four Based on CryptoCon’s research, Bitcoin
has embarked on its fourth mid-cycle phase. It is worth noting that
such categorized phases are integral in understanding the potential
trajectory of a cryptocurrency. This new phase suggests that
Bitcoin is on a path to reach the “mid-top” of its cycle, which,
according to CryptoCon, is around the $45,500 mark. CryptoCon
further elaborated that there’s typically a swift transition to
phase five after the second phase’s conclusion. Given this pattern,
the prediction is that Bitcoin could reach the speculated $45,000
price point soon. However, a key hurdle remains. For Bitcoin to
ascend to this new height, it must first breach the $36,368
resistance level, the analyst disclosed. Welcome to Mid-Cycle phase
4 This is the time when #Bitcoin is in between heading to the cycle
Mid-Top which is now about 45.5k. Price has typically come over
this. Interestingly, when phase 2 is over, it’s usually a launch
straight to phase 5, which means 45k could be soon!…
pic.twitter.com/uGsEcUqb5q — CryptoCon (@CryptoCon_) October 25,
2023 The Path To $45,500: Factors And Timelines Notably, the
optimism surrounding this prediction is grounded in historical
patterns. CryptoCon’s assessment indicates that a leap to the
“mid-top” typically occurs approximately two months after the
closure of the second phase. The anticipation grows stronger as the
first of these two months draws to a close. If the pattern holds
and Bitcoin maintains its current momentum, we might witness it
touch the $45,500 mark as we usher in November, the analyst
concluded, noting: Since our first month is about to come to a
close in phase 4, the mid-top could be complete as soon as
November. Translation: A possible move above 45k by next
month. It is worth noting that CryptoCon isn’t the only analyst
sharing predictions on Bitcoin’s trajectory. Stephan Livera, Swan
Bitcoin’s Head of Education, recently disclosed his projections for
Bitcoin’s future. Livera believes Bitcoin could reach around
$500,000 by 2025 or early 2026. Yet, this ascent might not be
without its challenges, possibly seeing a significant decline after
reaching that peak. Drawing comparisons with gold, Livera suggests
that BTC could exhibit a similar valuation pattern. “So, it might
go to $500k and then crash to $100k,” Swan Bitcoin’s Head of
Education remarked. Featured image from iStock, Chart from
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