Bitcoin Price Rally: Analyst Sets $45,000 Target And It’s Closer Than You Think

Scott Matherson

1 year ago

4 mins read

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Bitcoin rallied above $35,000 on the back of the euphoria of the possible approval of a Spot Bitcoin ETF. Although the rally seems to have cooled off, a particular crypto analyst’s prediction suggests that the bulls could enjoy total dominance soon enough in what will see the flagship cryptocurrency rise to $45,000.

Bitcoin’s Incoming Phase Could See It Hit $45,000

In a post shared on their X (formerly Twitter) platform, crypto analyst CryptoCon shared his prediction on Bitcoin’s future trajectory. The analyst mentioned that Bitcoin was currently at the “Mid-Cycle phase 4,” which happens to be the period where the crypto token is heading closer to the “Cycle Mid-Top,” which currently positions Bitcoin to rise above $45,000.

CryptoCon’s prediction seems to be made based on the Fibonacci trading strategy, as evident in the accompanying chart, which he shared in his post. The chart breaks down Bitcoin’s historical price data into four cycles, namely: Cycle 1 (2010-2014), Cycle 2 (2015-2018), Cycle 3 (2019-2022), and Cycle 4 (2023-2026).

Source: X

The Phases In These Cycles

These cycles are further divided into five phases, which CryptoCon seemed to focus more on. These phases include Phase 1 (Cycle Lows), Phase 2 (Transition from Cycle Lows), Phase 3 (First Move out of the Lows), Phase 4 (Transition to Cycle Mid-Top), and Phase 5 ( Cycle Mid-Top).

CryptoCon noted that Bitcoin’s price usually hits phase 5 quickly once phase 2 is over (about two months after, according to the analyst), and if that is the case once again, then $45,000 could be soon. If that doesn’t happen, he foresees that Bitcoin could face resistance at the top of the transition, where it is currently priced at $36,368.

As to when all this could happen, he noted that October represents the first month after phase 2 ended. Therefore, the market could see the mid-top phase could happen as soon as November when Bitcoin will likely hit and rise above $45,000.

Interestingly, CryptoCon’s prediction coincides with that of the crypto platform Matrixport, which estimates that Bitcoin could hit $45,000 between November this year and April 2024. In their report, Matrixport goes on to make a bolder claim that Bitcoin could hit $125,000 by December 2024.

Source: Matrixport

Bitcoin Halving Or Institutional Adoption?

Different crypto analysts have continued to make predictions about Bitcoin’s future trajectory even as the Bitcoin Halving draws nearer. Some of these analysts have credited the event as the catalyst that will spark the massive surge in Bitcoin’s price. Others believe that the launch of a Spot Bitcoin ETF alongside institutional adoption is what will make Bitcoin hit new highs.

Meanwhile, some contemplate that the market may already be priced in as to any impending approval of a Spot Bitcoin ETF, as this is a classic case of “buy the rumor, sell the news.” If that is the case, many predict that we could see a decline when the ETFs launch due to massive sell-offs from traders and investors looking to realize their gains.

BTC maintains above $34,000 | Source: BTCUSD on Tradingview.com

Featured image from Shutterstock, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

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Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

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