Despite the price drop after rising to $69,000, bitcoin price remains in the game, and the bulls continue to hold support above $67,000. Bullish sentiment also continues to prevail, with the market remaining quite greedy amid expectations that the pioneering cryptocurrency is gearing up for a significant price jump from now on.
bitcoin can still make a 35% jump
crypto analyst CryptoCon has revealed that bitcoin still has a ways to go before it reaches the top of the cycle. In the analysis published on x (formerly twitter), the crypto analyst revealed that the digital asset has not yet reached Level 3 of the Magic Bands. so the top is not set yet.
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The analyst points to previous bull cycles where the Magic Bands had completely completed before the top finally arrived. For the entire raid to be completed, there are four levels in total. However, the current cycle is still only at level 2.5, meaning there is still a long way to go.
The next major tier from here is the Tier 3 Magic Band, which usually comes with a price increase. Following the completion of Level 2, where the price hit a new all-time high above $72,300, the cryptocurrency is now testing the resistance at Level 2.5, where a breakout is needed.
If bitcoin price is able to break this resistance, the crypto analyst sees a 35% rise to $91,500 sometime in 2024. “It will take some time to reach level 3 of the magic bands, but it is the next step,” the cryptanalyst set.
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The target of $91,539 remains intact and unchanged during twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin.
It takes some time to reach level 3 of the magic bands, but it is the next step.
All in due time… pic.twitter.com/Pwimj05ZQb
— CriptoCon (@CryptoCon_) twitter.com/CryptoCon_/status/1801005749990011190?ref_src=twsrc%5Etfw” rel=”nofollow”>June 12, 2024
When will btc price peak?
Using CryptoCon's Magic Bands analysis, the top of bitcoin's cycle may still be a long way off. As the crypto analyst shows, even after reaching the magic band of Level 3, there is still Level 4 left, which is what normally marks the peak of the cycle.
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This means that after reaching $91,500 at the top of Level 3, there could be a consolidation before the Level 4 Magic Band is completed. When this happens, the crypto analyst expects btc price to actually break above $123,000 before the cycle maximum reaches.
If the CryptoCon analyst has anything to buy, then bitcoin still has another 100% move from its current price before the bull market ends. The top of the cycle is expected to reach around 2026, according to the analyst.
Currently, the btc price is still supported by the bulls who have continued to withstand the onslaught of sellers. Despite falling 4.3% in the last week, it is still trading at $67,900 at the time of writing.
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