Renowned analyst CryptoCon said that Bitcoin (BTC) is expected to reach $45,000 in November as part of the classic BTC price cycle.
in a X thread On October 25, Bitcoin price model creators turned their attention to models based on Fibonacci retracement levels.
Analyst: Bitcoin ‘likely’ to hit $45,000 next month
Bitcoin hit a 17-month high this week and many market participants expect a correction, but CryptoCon believes there is still plenty of upside potential.
Comparing current Bitcoin price action to previous cycles, he showed that Bitcoin/USD still has room to expand to the highest of the five targets of the Fibonacci model to reach a mid-cycle top.
Four targets have been seen, with the fourth target roughly 3.3% above this week’s high of $36,368. In between are the so-called “phases” – November now marks the deadline for the next phase to be completed.
“It usually takes about 2 months after the end of the second stage to enter the mid-cycle top. Since our first month is about to end in the fourth stage, the mid-top may be completed as soon as November.” The comment pointed out.
“Translation: Might break 45k next month.”
CryptoCon went on to note that Bitcoin bulls need to clear two key resistance levels to reach the $45,000 target.
“Both cost about $36,400,” he noted.
BTC price cycle behavior is ‘completely different’
update own Cycle comparisonMeanwhile, trader and analyst Rekt Capital described a “completely different” landscape for Bitcoin in 2023.
Related: ‘Here’s the trigger’ – Arthur Hayes says it’s time to bet on Bitcoin
He believes that at this point in the four-year pattern, Bitcoin/USD should be testing support rather than resistance, comparing the current situation to what has happened since March 2020.
At the time, the pair hit cycle lows just above $3,000 as part of the cross-market collapse triggered by the onset of the COVID-19 pandemic.
“Bitcoin is doing completely different things at the same point in the cycle than it was in 2019,” he wrote.
In various recent X posts, Rekt Capital added that any significant pullback would represent a significant cyclical buying opportunity.
Any deeper pullback that occurs in the 175 days before the halving will represent a huge opportunity in the coming yearsBitcoin USD #cryptocurrency #bitcoin pic.twitter.com/KH7bsC7edq
— Rekt Capital (@rektcapital) October 25, 2023
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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