According to the analyst, November will pave the way for a plausible BTC surge above the $45,000 mark.
As Bitcoin (BTC) continues its bullish trajectory over the week, the cryptocurrency market is abuzz with speculation about its next milestone. According to a comprehensive analysis by prominent financial analyst CryptoCon, Bitcoin is poised to hit a significant threshold of $45,000 in November, leveraging insights from previous market cycles.
CryptoCon shared these insights in a series of posts on X, shedding light on the intricacies of Fibonacci retracement levels.
Bitcoin Could Hit $45,000 in November
Despite Bitcoin reaching a 17-month peak this week, market expectations suggest a potential retracement. However, the crypto analyst remained resolute in the belief that BTC holds substantial room for upward growth, noting that reaching $45 next month is possible for the digital asset.
By juxtaposing the current price behavior with historical patterns, the analyst highlighted the potential for BTC/USD to breach the highest point within the Fibonacci model, signifying a mid-cycle peak.
He further pointed out that out of the five predetermined targets, Bitcoin has already surpassed four, with the fourth target just a marginal 3.3% above the recent pinnacle of $36,368. According to him, November is now marked as the critical juncture for the completion of the next phase, paving the way for a plausible Bitcoin surge above the $45,000 mark.
“Welcome to Mid-Cycle phase 4. This is the time when #Bitcoin is in between heading to the cycle Mid-Top, which is now about 45.5k. Price has typically come over this. Interestingly, when phase 2 is over, it’s usually a launch straight to phase 5, which means 45k could be soon! (small green arrows),” he said.
Rekt Capital Counters Analyst Projection
While CryptoCon believes BTC is headed towards reaching another record high since the market winter last year, he mentioned that breaking through two key resistance levels is imperative for Bitcoin enthusiasts to materialize on this ambitious target.
In response to this optimistic outlook, another expert, Rekt Capital, accentuated the deviation in Bitcoin’s current behavior compared to the analogous period of 2020, signaling a contrasting trend in support and resistance dynamics.
Bitcoin is doing something completely different to what it did in 2019 at this same point in the cycle$BTC #Crypto #Bitcoin pic.twitter.com/dxiKtMyXUK
— Rekt Capital (@rektcapital) October 25, 2023
Parallel to these projections, market sentiments remain buoyant, with other analysts, including Crypto Jeb, projecting a substantial rally in Bitcoin, foreseeing a potential climb to over $70,000 by the end of the upcoming year.
Earlier this year, financial services company Standard Chartered Bank suggested an upbeat projection in July, indicating a possible surge to $120,000 by the end of 2024.
Additionally, Matrixport, another company, anticipated that BTC could go parabolic after the United States Securities and Exchange Commission (SEC) approved a potential Bitcoin spot exchange-traded fund (ETF) next year. The company projected the crypto asset could reach $125k by December 2024.
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Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.