bitcoin (btc) is on track to hit $45,000 in November as part of a classic btc price cycle, popular analyst CryptoCon said.
in a thread x On October 25, the creator of the bitcoin price model turned his attention to one based on Fibonacci retracement levels.
Analyst: $45,000 Next Month “Possible” for bitcoin
bitcoin hit 17-month highs this week and many market participants are expecting a pullback, but CryptoCon believes there is still plenty of upside potential left.
Comparing the current btc price behavior with previous cycles showed that there is still room for btc/USD to expand to the highest of the five Fibonacci model targets to reach a mid-cycle high.
Four have already been seen, with target four sitting around 3.3% above this week’s high at $36,368. Among them are the so-called “phases,” and November now marks the deadline to complete the next one.
“The transition to the upper secondary cycle usually takes about 2 months after the end of phase 2. Since our first month is about to end in phase 4, the upper secondary cycle could be complete in November,” part of the comment indicated .
“Translation: a possible move above 45,000 for next month.”
Next, CryptoCon marked two key resistance levels that bitcoin bulls must overcome for the $45,000 target to become a reality.
“They both line up at around $36,400,” he noted.
btc price cycle behavior is “completely different”
Updating yours cycle comparisonMeanwhile, trader and analyst Rekt Capital outlined a “completely different” setup for bitcoin in 2023.
Related: ‘This is the trigger’: Arthur Hayes says it’s time to bet on bitcoin
At this point in its four-year pattern, btc/USD should be testing support, not resistance, he argued, contrasting the current outlook with that of March 2020.
At the time, the pair hit cycle lows of just over $3,000 as part of a cross-market decline generated by the onset of the COVID-19 pandemic.
“bitcoin is doing something completely different than it did in 2019 at this same point in the cycle,” he wrote.
In several recent X posts, Rekt Capital added that any significant pullback would represent a significant cyclical buying opportunity.
btc?src=hash&ref_src=twsrc%5Etfw”>#btc
Any deeper pullbacks that occur over the next 175 days before Halving will represent a huge opportunity for the next few years.$btc crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin pic.twitter.com/KH7bsC7edq
-Rekt Capital (@rektcapital) October 25, 2023
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
