According to the analyst, November will pave the way for a plausible rise of BTC above the $45,000 mark.
As Bitcoin (BTC) continues its bullish trajectory throughout the week, the cryptocurrency market is abuzz with speculation about its next milestone. According to a comprehensive analysis by leading financial analyst CryptoCon, Bitcoin is poised to reach a significant threshold of $45,000 in November, building on insights from previous market cycles. CryptoCon shared these insights in a series of posts on X, shedding light on the complexities of Fibonacci retracement levels.
Bitcoin Could Reach $45,000 in November
Even though Bitcoin hit a 17-month high this week, market expectations suggest a possible pullback. However, the crypto analyst remained firm in the belief that BTC has substantial room for bullish growth, noting that hitting $45 next month is possible for the digital asset.
By juxtaposing current price behavior with historical patterns, the analyst highlighted the potential for BTC/USD to surpass the highest point within the Fibonacci model, signifying a mid-cycle peak. He further noted that of the five predetermined targets, Bitcoin has already surpassed four, with the fourth target being just a marginal 3.3% above the recent high of $36,368.
According to him, November is now marked as the critical time to complete the next phase, paving the way for a plausible rise of Bitcoin above the $45,000 mark.
“Welcome to phase 4 of the medium cycle. This is the time when #Bitcoin is on the way to the upper mid-cycle, which is now around 45.5k. The price has typically surpassed this. Interestingly, when phase 2 ends, it’s usually a direct launch to phase 5, which means 45k could be coming soon. (little green arrows),” he said.
Rekt Capital Accountant Analyst Projection
While CryptoCon believes BTC is on track to hit another high since the market winter last year, it mentioned that breaking two key resistance levels is imperative for Bitcoin enthusiasts to realize this ambitious goal.
In response to this optimistic outlook, another expert, Rekt Capital, accentuated the deviation of Bitcoin’s current behavior compared to the analogous period in 2020, pointing out a contrasting trend in support and resistance dynamics. In several recent X posts, Rekt Capital said that “Any deeper retrace that occurs over the next 175 days before the Halving will represent an outsized opportunity for the next few years”
Parallel to these projections, market sentiments remain optimistic, with other analysts, including Crypto Jeb, projecting a substantial rally in Bitcoin, foreseeing a possible rise to over $70,000 by the end of next year. Earlier this year, financial services company Standard Chartered Bank suggested an optimistic projection in July, indicating a possible rise to $120,000 by the end of 2024.
Furthermore, Matrixport, another company, anticipated that BTC could go parabolic after the US Securities and Exchange Commission (SEC) has approved a potential Bitcoin spot exchange-traded fund (ETF) next year. The company projected that the crypto asset could reach $125,000 by December 2024.
Meanwhile, some experts consider that the movements are being “somewhat exaggerated” and that the market is selling the bear’s skin before hunting it. Manuel Villegas, digital asset analyst at Swiss bank Julius Baer, recalls that, despite the latest increases, “the possible approval does not take away the fact that network activity has been largely silenced, as evidenced by the counts. transactions and address activity.”
By Audy Castaneda
