As the cryptocurrency market continues to witness increased optimism and confidence from investors, crypto Con, a popular cryptocurrency analyst and enthusiast, has x.com/CryptoCon_/status/1793338133649477655″ target=”_blank” rel=”nofollow”>foretold the timeline for bitcoin to peak in the ongoing bull cycle, based on btc's past runs and its cumulative peaks.
bitcoin's peak will occur in less than a year
By analyzing historical data, crypto Con has identified trends that could signal when the largest cryptocurrency asset on the market peaks this cycle. According to the expert, the Stochastic Momentum Index (SMI) ergodic indicator shows that bitcoin is exactly where it should be in the current bull cycle.
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At this point, crypto Con believes there is still plenty of room to grow in the coming days. Therefore, btc's current position, which is about a year away from cycle peaks, places this cycle's position top between January and February 2025. However, analysts' focus remains December 2024, which, at the current pace, is expected to be the top month of the cycle.
crypto Con further hinted at the recent recovery from a perfectly healthy correction seen in the cryptocurrency market as a potential catalyst to drive the price of bitcoin higher.
The post said:
The SMI tells us that bitcoin is right where it should be in the cycle, with much more room to grow. Our current position aligns approximately 1 year from cycle highs, which would put this cycle's peak in January-February 2025. My sights remain set on December 2024, a likely cycle peak month at our current pace.
Since the analyst previously predicted btc reaching $149,000 by the end of the year, could mean that the expert expects the asset to reach that level in December. “bitcoin is still on track to reach a layer 7 price target of $149,000 by the end of this year,” he said.
crypto Con's prediction is in line with the most accurate measurements for log regression curves and cycle highs in 2021. By then, the more cautious layer 6, which is the layer denoting the 2013 cycle high, aims to reach the $108,000 level.
During the prediction, the expert highlighted a price consolidation, which is new in this cycle. However, as volatility decreases, this consolidation is accurate.
Determining btc Peak via Fibonacci Extension
crypto Con has also used Fibonacci Extensions to x.com/CryptoCon_/status/1791503426494361920″ target=”_blank” rel=”nofollow”>determine bitcoin price peaks in this cycle. Based on the cycle retracements highlighted on your chart, the first two cycles came quite close to the 2.618 extension, while the last one reached the 1.618 extension.
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Given the possibility that the 1,618 point repeats this cycle, the price of btc will be at $159,128. “This is one of many prospects that need to be balanced in the basket of possibilities, and I would consider this estimate to be optimistic for this cycle,” he added.
At the time of writing, bitcoin It is slowly gaining momentum towards $70,000, indicating a 5% increase in the past week. Its market capitalization is down 0.25%, while its trading volume is down 12% in the last 24 hours.
Featured image from iStock, chart from Tradingview.com
