The recent price crash in Bitcoin, dropping from $69,000, has left many investors uncertain about the cryptocurrency’s future. However, according to analyst CryptoCon, the Bitcoin price is still holding strong above $67,000, indicating bullish sentiment in the market. The analysis suggests that Bitcoin is gearing up for a significant price jump, with potential for further growth in the near future.
CryptoCon’s Magic Bands analysis provides insight into the potential trajectory of Bitcoin’s price movement. The analyst points out that Bitcoin has not yet reached Level 3 of the Magic Bands, indicating that the cycle top has not been reached. In previous bull cycles, the completion of the Magic Bands has preceded the cycle top. With the current cycle only at Level 2.5, there is still room for further growth.
After reaching a new all-time high above $72,300, Bitcoin is now testing resistance at Level 2.5. If the price is able to break through this resistance, CryptoCon predicts a 35% surge to $91,500 by 2024. The completion of Level 3 of the Magic Bands is seen as the next step in Bitcoin’s price movement. This indicates that there is still significant potential for growth in the cryptocurrency.
Looking ahead, CryptoCon’s analysis suggests that the cycle top for Bitcoin is still far away. Even after reaching $91,500 at Level 3, there is still Level 4 to go, which typically marks the peak of the cycle. This could potentially push Bitcoin’s price above $123,000 before the cycle top is reached. The analyst predicts another 100% move from the current price, indicating a bullish outlook for Bitcoin in the coming years.
Despite facing pressure from sellers, Bitcoin is still being supported by bullish investors. The price has remained relatively stable around $67,900, showing resilience in the face of market fluctuations. While there has been a 4.3% drop in the last week, the overall trend is still positive for Bitcoin’s price movement.
CryptoCon’s Magic Bands analysis provides valuable insights into the potential future of Bitcoin’s price movement. With the cryptocurrency still below Level 3 of the Magic Bands, there is room for further growth and potential price surges in the coming years. Investors and traders should keep a close eye on Bitcoin’s price action to capitalize on potential opportunities in the market.
Leave a Reply