bitcoin (btc), the pioneering digital currency that has recently seen a notable surge registering 51% in global crypto market capitalization dominance, has now received a new boost. analysis from CryptoCon, an experienced crypto technical analyst hinting at a possible rise in the asset’s price.
This projection, shared in a recent post on X (formerly known as Twitter), has caught the attention of many, given its bullish outlook amid the current market landscape.
bitcoin enters phase four mid-cycle
According to CryptoCon research, bitcoin has embarked on its fourth mid-cycle phase. It is worth noting that these categorized phases are critical to understanding the potential trajectory of a cryptocurrency.
This new phase suggests that bitcoin is on track to reach the “upper middle” of its cycle, which, according to CryptoCon, is around $45,500.
CryptoCon further explained that there is normally a quick transition to phase five after the conclusion of the second phase. Given this pattern, the prediction is that bitcoin could soon reach the speculated price of $45,000.
However, a key obstacle remains. For bitcoin to ascend to this new height, it must first overcome the $36,368 resistance level, the analyst revealed.
Welcome to phase 4 of mid-cycle
This is the moment when bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin it’s in the middle and heading into the Mid-Top 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, meaning 45k could be coming soon!… pic.twitter.com/uGsEcUqb5q
— CriptoCon (@CryptoCon_) October 25, 2023
The path to $45,500: factors and timelines
Notably, the optimism surrounding this prediction is based on historical patterns. CryptoCon’s evaluation indicates that a jump to the “upper middle” typically occurs approximately two months after the closing of the second phase.
Anticipation grows stronger as the first of these two months comes to an end. If the pattern holds and bitcoin maintains its current momentum, we could witness it touch the $45,500 mark come November, the analyst concluded, noting:
Since our first month is about to end in phase 4, the upper middle part could be completed in November. Translation: A possible move above 45,000 for next month.
Is It is worth noting that CryptoCon is not the only analyst sharing predictions about bitcoin‘s trajectory. Stephan Livera, director of education at Swan bitcoin, recently revealed his projections for the future of bitcoin.
Livera believes bitcoin could reach around $500,000 by 2025 or early 2026. However, this climb might not be without its challenges, possibly seeing a significant drop after reaching that peak.
When making comparisons to gold, Livera suggests that btc could exhibit a similar valuation pattern. “So, it could reach $500k and then drop to $100k,” commented Swan bitcoin’s Head of Education.
Featured image from iStock, chart from TradingView
