Bitcoin (BTC) is expected to reach $45,000 by November, according to popular analyst CryptoCon. In a recent Twitter thread, CryptoCon focused on a Bitcoin price model based on Fibonacci retracement levels.
Although Bitcoin has reached 17-month highs this week, many market participants anticipate a pullback. However, CryptoCon believes there is still room for significant upside potential. By comparing the current behavior of the BTC price to previous cycles, he demonstrates the possibility of Bitcoin expanding to the highest target in the Fibonacci model to hit a mid-cycle top.
CryptoCon explains that four out of the five targets have already been met, with the fourth target lying approximately 3.3% above this week’s top at $36,368. In between these targets are what CryptoCon refers to as “phases,” with November marking the deadline for the next phase to be completed. Given this analysis, CryptoCon states, “A possible move above 45k by next month.”
To achieve the $45,000 target, CryptoCon highlights two key resistance levels that Bitcoin bulls need to surpass, both around $36,400. These levels act as significant hurdles to overcome on the path towards the projected price.
Meanwhile, fellow trader and analyst Rekt Capital provides a different perspective on Bitcoin’s price cycle behavior. Comparing the current cycle to that of 2019 at the same point, Rekt Capital argues that Bitcoin is behaving completely differently. In March 2020, during the cross-market crash caused by the start of the COVID-19 pandemic, BTC/USD reached cycle lows of just above $3,000. Rekt Capital suggests that any significant pullback in the current cycle would present a buying opportunity for the next few years.
Rekt Capital emphasizes the importance of conducting thorough research and analysis before making any investment or trading decisions. They also note that any investment in Bitcoin or cryptocurrency carries inherent risks.
As Bitcoin continues to make headlines with its upward price movement, market participants eagerly await November to see if CryptoCon’s $45,000 prediction materializes. Additionally, with the contrasting views of CryptoCon and Rekt Capital, it remains to be seen which perspective aligns more accurately with Bitcoin’s price behavior in the coming months. As always, investors are advised to exercise caution and conduct their own research when considering cryptocurrency investments.