Bitcoin (BTC), the pioneering digital currency that has recently seen a notable surge recording 51% in global crypto market capitalization dominance, has now received a fresh analysis from CryptoCon, a seasoned crypto technical analyst hinting at a potential surge 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 present market landscape.
Bitcoin Enters Mid-Cycle Phase Four
Based on CryptoCon’s research, Bitcoin has embarked on its fourth mid-cycle phase. It is worth noting that such categorized phases are integral in understanding the potential trajectory of a cryptocurrency.
This new phase suggests that Bitcoin is on a path to reach the “mid-top” of its cycle, which, according to CryptoCon, is around the $45,500 mark.
CryptoCon further elaborated that there’s typically a swift transition to phase five after the second phase’s conclusion. Given this pattern, the prediction is that Bitcoin could reach the speculated $45,000 price point soon.
However, a key hurdle remains. For Bitcoin to ascend to this new height, it must first breach the $36,368 resistance level, the analyst disclosed.
Welcome to Mid-Cycle phase 4
This is the time when #Bitcoin is in between heading to the cycle Mid-Top which is now about 45.5k.
Price has typically come over this.
Interestingly, when phase 2 is over, it’s usually a launch straight to phase 5, which means 45k could be soon!… pic.twitter.com/uGsEcUqb5q
— CryptoCon (@CryptoCon_) October 25, 2023
The Path To $45,500: Factors And Timelines
Notably, the optimism surrounding this prediction is grounded in historical patterns. CryptoCon’s assessment indicates that a leap to the “mid-top” typically occurs approximately two months after the closure of the second phase.
The anticipation grows stronger as the first of these two months draws to a close. If the pattern holds and Bitcoin maintains its current momentum, we might witness it touch the $45,500 mark as we usher in November, the analyst concluded, noting:
Since our first month is about to come to a close in phase 4, the mid-top could be complete as soon as November. Translation: A possible move above 45k by next month.
It is worth noting that CryptoCon isn’t the only analyst sharing predictions on Bitcoin’s trajectory. Stephan Livera, Swan Bitcoin’s Head of Education, recently disclosed his projections for Bitcoin’s future.
Livera believes Bitcoin could reach around $500,000 by 2025 or early 2026. Yet, this ascent might not be without its challenges, possibly seeing a significant decline after reaching that peak.
Drawing comparisons with gold, Livera suggests that BTC could exhibit a similar valuation pattern. “So, it might go to $500k and then crash to $100k,” Swan Bitcoin’s Head of Education remarked.
Featured image from iStock, Chart from TradingView