Bitcoin (BTC) is on track to hit $45,000 in November as part of a classic BTC price cycle, popular analyst CryptoCon said.
In an X thread on Oct. 25, the Bitcoin price model creator turned his attention to one based on Fibonacci retracement levels.
Analyst: $45,000 next month is “possible” for Bitcoin
Bitcoin reaching 17-month highs this week has many market participants expecting a pullback, but CryptoCon believes that plenty of upside potential remains.
Comparing current BTC price behavior to previous cycles, he showed that there is still room for BTC/USD to expand to the highest of the Fibonacci model’s five targets to hit a mid-cycle top.
Four have already been seen, with target four lying around 3.3% above this week’s top at $36,368. In between them are what are called “phases” — and November now marks a deadline for the next to be completed.
“The move to the cycle mid-top usually takes about 2 months after the end of phase 2. Since our first month is about to come to a close in phase 4, the mid-top could be complete as soon as November,” part of the commentary stated.“Translation: A possible move above 45k by next month.”Bitcoin Mid-Cycle Fibonacci Phases chart. Source: CryptoCon/X
Continuing, CryptoCon flagged two key resistance levels for Bitcoin bulls to clear in order for the $45,000 target to become reality.
“Both of these line up at about $36,400,” he noted.BTC/USD chart with Fibonacci resistance levels. Source: CryptoCon/X
BTC price cycle behavior “completely different”
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At this point in its four-year pattern, BTC/USD should be testing support, not resistance, he argued, contrasting the current landscape to that from March 2020.
At the time, the pair put in cycle lows of just above $3,000 as part of a cross-market crash engendered by the start of the COVID-19 pandemic.
“Bitcoin is doing something completely different to what it did in 2019 at this same point in the cycle,” he wrote.Bitcoin price cycle comparison. Source: Rekt Capital/X
In various recent X posts, Rekt Capital added that any significant pullback would represent a significant cycle buying opportunity.October 25, 2023
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