Crypto analyst CryptoCon has once again made a prediction regarding Bitcoin’s local high in this bull run. According to the analyst, the Fibonacci extension indicator is signaling that Bitcoin could reach $109,236 as its next local high. This move is expected to happen by the end of the year, with December 2024 being the likely timeframe for this milestone to be reached.
Analyzing the chart provided by CryptoCon, it is evident that Bitcoin has followed a pattern of hitting local tops one month ahead in previous years. The last local top occurred in January 2024, signaling that the next high could possibly materialize in December of the same year. This pattern suggests a consistency in Bitcoin’s price movements over time.
Several analysts, including Standard Chartered’s Head of Digital Assets Research Geoffrey Kendrick, have also made predictions about Bitcoin’s price trajectory. Kendrick forecasted that Bitcoin would reach $100,000 before the US elections in November and potentially hit $150,000 by the end of the year if certain conditions were met. These predictions align with the general sentiment in the market regarding Bitcoin’s upward potential.
Despite the projected local high of $109,000, CryptoCon believes that this is not the market top for Bitcoin. The analyst pointed out that Bitcoin still has a long way to go in this bull run, with over a year left based on the Fibonacci Channel RSI analysis. This outlook aligns with other analysts’ predictions, such as Rekt Capital’s forecast that the market top may not occur until September or October 2025.
Other analysts, like Michael van de Poppe, have raised the possibility of Bitcoin surpassing the $100,000 mark and reaching as high as $250,000 in this market cycle. Van de Poppe suggested that Bitcoin’s consolidation around $60,000 could be a precursor to a significant breakout towards the $250,000 price target. This optimistic prediction is supported by Cryptoquant CEO Ki Young Ju’s projection of a market top at $265,000 in the current market cycle.
The cryptocurrency market is rife with predictions and analyses regarding Bitcoin’s price movements. While some analysts are focused on short-term milestones like the next local high of $109,000, others are looking towards more ambitious targets like $250,000 or even $265,000. It remains to be seen how Bitcoin will perform in the coming months and years, but one thing is clear – the potential for significant price appreciation in the crypto market is undeniable.
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