Analyst Predicts 35% Jump For Bitcoin In Next Step Of ‘Magic Bands’

Scott Matherson

1 year ago

3 mins read

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Despite the price crash after rising to $69,000, the Bitcoin price remains in the game, with bulls continuing to hold up the support above $67,000. Bullish sentiment also continues to prevail, with the market still being fairly greedy amid expectations that the pioneer cryptocurrency is gearing up for a significant price jump from here.

Bitcoin Can Still Make A 35% Jump

Crypto analyst CryptoCon has revealed that Bitcoin still has a ways to go before the cycle top is in. In the analysis posted on X (formerly Twitter), the crypto analyst revealed that the digital asset is yet to reach Level 3 of the Magic Bands, so the top is not in yet.

The analyst points to previous bull cycles where the Magic Bands had been fully completed before the top was finally in. For the whole band to be completed, there are four levels in total. However, the current cycle is still only in the 2.5 level, which means there is still a ways to go.

The next major level from here is the Level 3 Magic Band, which usually comes with a surge in price. Following the completion of the Level 2 that saw the price reach a new all-time high above $72,300, the cryptocurrency is now testing the resistance at the Level 2.5, where a break is needed.

If the Bitcoin price is able to break this resistance, the crypto analyst sees a 35% surge to $91,500 sometime in 2024. “Taking some time to reach it at Level 3 of the Magic bands, but it’s the next step,” the crypto analyst stated.

$91,539 target left untouched and unchanged for #Bitcoin.

Taking some time to reach it at Level 3 of the Magic bands but it’s the next step.

All in due time… pic.twitter.com/Pwimj05ZQb

— CryptoCon (@CryptoCon_) June 12, 2024

When Will The BTC Price Top?

Using CryptoCon’s Magic Bands analysis, it is possible that the Bitcoin cycle top is still far away. As the crypto analyst shows, even after hitting the Level 3 magic band, there is still Level 4 left to go, which is what usually marks the cycle top.

This means after hitting $91,500 at the top of Level 3, there could be consolidation before the Level 4 Magic Band is completed. When this happens, the crypto analyst expects the BTC price to actually touch above $123,000 before the cycle top is in.

If CryptoCon’s analyst is anything to go buy, then Bitcoin still has another 100% move from from its current price before the bull market is over. The cycle top is expected to hit sometime around 2026, according to the analyst.

Presently, the BTC price is still being held up by bulls who have continued to endure an onslaught from sellers. Despite falling 4.3% in the last week, it is still trading at $67,900 at the time of this writing.

Bitcoin price chart from Tradingview.com — BTC price recovers from drop | Source: BTCUSD on 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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