Bitcoin (BTC) is on track to hit $45,000 in November as part of a classic BTC price cycle, popular analyst CryptoCon said.
In an X thread on Oct. 25, the Bitcoin price model creator turned his attention to one based on Fibonacci retracement levels.
Analyst: $45,000 next month is “possible” for Bitcoin
Bitcoin reaching 17-month highs this week has many market participants expecting a pullback, but CryptoCon believes that plenty of upside potential remains.
Comparing current BTC price behavior to previous cycles, he showed that there is still room for BTC/USD to expand to the highest of the Fibonacci model’s five targets to hit a mid-cycle top.
Four have already been seen, with target four lying around 3.3% above this week’s top at $36,368. In between them are what are called “phases” — and November now marks a deadline for the next to be completed.
“The move to the cycle mid-top usually takes about 2 months after the end of phase 2. Since our first month is about to come to a close in phase 4, the mid-top could be complete as soon as November,” part of the commentary stated.
“Translation: A possible move above 45k by next month.”
Continuing, CryptoCon flagged two key resistance levels for Bitcoin bulls to clear in order for the $45,000 target to become reality.
“Both of these line up at about $36,400,” he noted.
BTC/USD chart with Fibonacci resistance levels. Source: CryptoCon/X
BTC price cycle behavior “completely different”
Updating his own cycle comparison, meanwhile, fellow trader and analyst Rekt Capital described 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 landscape to that from March 2020.
At the time, the pair put in cycle lows of just above $3,000 as part of a cross-market crash engendered by the start of the COVID-19 pandemic.
“Bitcoin is doing something completely different to what it did in 2019 at this same point in the cycle,” he wrote.
In various recent X posts, Rekt Capital added that any significant pullback would represent a significant cycle buying opportunity.
— Rekt Capital (@rektcapital) October 25, 2023
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
On July 30, the Chamber of Digital Commerce (CDC) Token Alliance published a 108-page collaborative report of proposed guidelines for the “responsible growth” of the cryptocurrency market. In the accompanying press release, CDC member Paul Atkins, CEO of Patomak Global Partners and former U.S. Securities and Exchange Commission (SEC) Commissioner, argued that guidelines are needed…
The superintendent of the New York Department of Financial Services reportedly dismissed claims the U.S. government was working to implement ‘Operation Choke Point 2.0’. 439 Total views 15 Total shares Own this piece of history Collect this article as an NFTAdrienne Harris, superintendent of the New York Department of Financial Services, or NYDFS, has reportedly…
San Francisco-based cryptocurrency exchange and wallet service Coinbase has launched its new “Convert” service, according to an official statement on Dec. 17.Per the statement, customers will initially be able to convert between Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), 0x (ZRX) and Bitcoin Cash (BCH). The service will be available on coinbase.com and…
Chinese online retail giant Alibaba has applied for a United States patent entitled “Domain Name Management Scheme for Cross-Chain Interactions in Blockchain Systems.” Alibaba filed its latest application on Aug. 15 in a continuation of an application filed in November 2018. According to the filing, Alibaba intends to patent a system that uses what they call…
Investors see cryptocurrencies as increasingly useful as the portfolio diversifies, according to an Economist report on consumer trust in digital currencies. A report published by the Economist paints a bright future for cryptocurrency adoption, with survey respondents anticipating growing demand in the near future.Economist Impact published findings of its ‘Digimentality Report’, delving into consumer trust…
By acquiring PT Kripto Maksima Koin, the tech giant pursues a goal to become "a diverse money management hub." 419 Total views 25 Total shares Indonesian tech company PT GoTo Gojek Tokopedia Tbk (GoTo) bought PT Kripto Maksima Koin, a local crypto exchange, in a bid to diversify its assets. The deal makes a landmark in…
Assistant U.S. Attorney Danielle Sassoon reportedly said SBF made roughly 100 calls to a reporter behind The New York Times story that revealed Caroline Ellison’s private journals. 224 Total views 3 Total shares A federal judge overseeing the criminal case against Sam Bankman-Fried, also known as "SBF," will reportedly consider revoking the former FTX CEO’s…
Tether supplies on Ethereum are dwindling as USD Coin demand grows and grows. USDC has grown much faster than Tether (USDT) in 2021 and it is emerging as the dominant stablecoin on Ethereum thanks to its popularity in DeFi according to Messari.Research by the analytics firm revealed that the demand for USD Coin has grown…