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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Legendary Fibonacci Extension Reveals When Bitcoin Will Reach $109,000

Scott Matherson
Scott Matherson
10 months ago
3 mins read
bitcoin

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Crypto analyst CryptoCon has highlighted a technical indicator that has always accurately predicted each local high for Bitcoin in this bull run. Once again, this indicator has revealed the next local high for Bitcoin and when it will happen. 

When Bitcoin Will Reach A Local High Of $109,000

CryptoCon predicted in an X (formerly Twitter) post that the Bitcoin Fibonacci extension is set to push the flagship crypto over $100,000 as it rises to $109,236, a move which the analyst added could happen by year-end. He suggested that Bitcoin reaching $109,000 by December 2024 will only likely happen if the “1-month-behind 2023” trend continues. 

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Bitcoin 1
Source: X

The analyst’s chart showed that Bitcoin has hit a local top this year, one month ahead of each local top in 2023. The last local top for Bitcoin in 2023 rolled over into 2024 and occurred in January 2024. Based on the trend, the next local top could happen in December rather than rolling over into the new year. 

Bitcoin’s potential rise to $100,000 and even $109,000 is one that several other analysts, like Standard Chartered’s Head of Digital Assets Research Geoffrey Kendrick, have predicted would happen at some point. Interestingly, Kendrick stated that Bitcoin would reach $100,000 ahead of the US elections in November and hit $150,000 by year-end if Trump wins the presidential election. 

Meanwhile, based on CryptoCon’s most recent analysis, a rise to $109,000 is unlikely to be the market top for Bitcoin, as the flagship crypto still has a long way to go in this bull run. The analyst stated that he is convinced that Bitcoin still has over a year of the bull market to go based on the 3-week Fibonacci Channel RSI. This coincides with crypto analyst Rekt Capital’s prediction that the market top won’t come until sometime in September or October 2025. 

Bitcoin 2
Source: X

BTC Could Reach $250,000 In This Bull Run

Crypto analyst Michael van de Poppe has raised the possibility of Bitcoin rising to as high as $250,000 in this market cycle. He stated that Bitcoin’s monthly candle closing at around $60,000 could be the consolidation before the “big bull breakout,” which would likely be the start of Bitcoin’s “big run” to $250,000.  

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The $250,000 price target is still below Cryptoquant CEO Ki Young Ju’s prediction that Bitcoin could achieve a market top of $265,000 in this market cycle. He made this prediction based on the Hashrate/Market Cap ratio, which he claimed supports a Bitcoin market cap three times larger than the one it clocked during the last cyclical top. 

At the time of writing, Bitcoin is trading at around $58,600, down over 3% in the last 24 hours, according to data from CoinMarketCap. 

Bitcoin price chart from Tradingview.com
BTC price holds $58,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

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.

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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.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

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.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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