Popular analyst CryptoCon said that Bitcoin (BTC) is on track to reach $45,000 in November as part of a classic Bitcoin price cycle.
in X thread On October 25, the creator of the Bitcoin price model turned his attention to a model based on Fibonacci retracement levels.
Analyst: $45,000 next month ‘possible’ for Bitcoin
Bitcoin hit a 17-month high this week, leading many market participants to expect a pullback, but CryptoCon believes there is still plenty of upside potential.
Comparing the current BTC price behavior with previous cycles, it showed that there is still room for BTC/USD to expand to the top of the five targets of the Fibonacci pattern to reach the mid-cycle top.
Four of these have already been seen, with the fourth target sitting about 3.3% above this week’s high at $36,368. In between are what are called “phases” – and November now represents a deadline for completing the next phase.
“The transition to the mid-summit cycle usually takes about two months after the end of the second phase. Since our first month is about to end in the fourth phase, it is possible that the mid-summit cycle will be completed as soon as November,” from the aforementioned comment.
“Translation: Possible move above 45K by next month.”
Continuing, CryptoCon has identified two key resistance levels for Bitcoin bulls to see the $45,000 target become a reality.
“Both are priced at about $36,400,” he noted.
BTC price cycle behavior ‘completely different’
Special update Course comparisonMeanwhile, fellow trader and analyst Rekt Capital described a “completely different” setup for Bitcoin in 2023.
Related: “This Is the Catalyst” – Arthur Hayes Says It’s Time to Bet on Bitcoin
At this point in the four-year pattern, BTC/USD should be testing support, not resistance, he said, comparing the current landscape to that of March 2020.
At the time, the pair hit session lows of just over $3,000 as part of a cross-market collapse triggered by the onset of the COVID-19 pandemic.
“Bitcoin is doing something very different than it did in 2019 at this same point in the cycle,” he wrote.
In several recent X posts, Rekt Capital added that any significant pullback would represent a major buying opportunity for the session.
Any deeper bounce that occurs over the next 175 days before the halving will represent a huge opportunity for the next few years$ Bitcoin #encryption #Bitcoin pic.twitter.com/KH7bsC7edq
— Rekt Capital (@rektcapital) October 25, 2023
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