Analyst Says This Bitcoin Price Rally Has A ‘Different Ring To It’, Places Next Target At $109,000

Scott Matherson

8 months ago

3 mins read

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A new Bitcoin price target has been set at $109,000, with an analyst predicting that the pioneer cryptocurrency could surge to this projected level before the end of the year. This bullish forecast comes as Bitcoin experiences new momentum that has pushed its price well above $67,000.

New Bitcoin Target Set At $109,000

A Bitcoin technical analyst identified as ‘CryptoCon’ has taken to X (formerly Twitter) to unveil his bullish prediction for the Bitcoin price. While many analysts believe that this Q4 is a significantly bullish period for Bitcoin, CryptoCon confirms this sentiment by forecasting that Bitcoin could see its price reaching $109,000 as early as December 2024.

In the analyst’s words, “$109,000 is just the next rung on the ladder for Bitcoin.” This suggests that the analyst is confident that Bitcoin could hit this new all time high, but also has the potential to increase even further over time.

Sharing a detailed chart of Bitcoin’s historical price movements, the analyst highlighted periods when Bitcoin hit new highs, suggesting a possible correlation in past bullish trends. In April and July 2023, Bitcoin experienced a massive 52% surge, pushing its price to $30,362 at the 1.618 Fibonacci retracement level.

Again, in January 2024, the cryptocurrency saw another 52% increase, jumping to $46,831 at the 2.618 Fibonacci level. More recently, around March Bitcoin witnessed another 52% price spike, hitting its current all-time high above $73,000, with its price dropping slightly back down towards $71,000 in May.

Following this historical trend, CryptoCon predicts that Bitcoin is gearing up for another 52% increase, potentially reaching $109,000, at the 4.618 Fibonacci level. The analyst emphasized that Bitcoin’s recent price rally had a different ring to it, hinting at the possibility of a sustained bull run.

Furthermore, the analyst has confidently stated that a recession or bear market is unlikely for Bitcoin shortly. He asserts that all conditions are aligning perfectly for 2025 to become the year of all-time highs.

Bitcoin Price Breaks Through $67,000

Bitcoin recently surpassed the $67,000 mark for the first time since July, when the hype and demand for Spot Bitcoin ETFs was still strong. The unexpected market rebound has generated significant profits for numerous short-term Bitcoin holders.

While the value of Bitcoin jumped as high as $67,820 at some point in the past 48 hours, the price of the cryptocurrency has since stabilized and is currently trading at $67,170. CoinMarketCap’s data reveals that in the past seven days, Bitcoin has surged by more than 10%, underscoring investors’ growing interest and demand in the pioneer cryptocurrency.

Additionally, the data has also shown that the broader Bitcoin community is 69% bullish while only 31% are bearish. This suggests that investors’ positive sentiment towards Bitcoin is rising as they may be expecting more upcoming price gains.

Bitcoin price chart from Tradingview.com — BTC bulls seeing pushback from bears | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, 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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