The price of the flagship cryptocurrency Bitcoin ($BTC) could hit $45,000 next month as it continues steadily rising, according to a popular cryptocurrency analyst who used Fibonacci retracement levels to determine the potential rise of the cryptocurrency.
In a thread posted on the popular microblogging platform X (formerly known as Twitter). Analyst CryptoCon told their over 57,000 followers that Bitcoin still has plenty of upside potential even after recently reaching a 16-month high.
The analyst used the Fibonacci model to compared the current and past Bitcoin price cycles, determining that BTC has potential to rise against the US dollar to reach the fifth and highest target of the model before hitting a mid-cycle peak.
The fifth target is about 3.3% higher than this week’s highest price of $36,368. The model also has intermediate stages called “phases” — and the next one should be done by November, per the analysis, which determined a “possible move about 45k by next month” is possible.
CryptoCon determined that Bitcoin’s price will need to break through two key resistance levels in order to make it to the $45,000 mark, with one being just above $36,300.
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Meanwhile cryptocurrency analyst Crypto Jeb recently shared his insights on why Bitcoin is set to experience a significant rally, potentially reaching over $70,000 by the end of next year. He attributes this bullish outlook to two major factors: the actions of BlackRock, the world’s largest asset manager, and the Federal Reserve’s monetary policies.
As reported, back in July London-based multinational banking and financial services firm Standard Chartered suggested that the price of BTC could surge to $50,000 this year, and could breach the $120,000 by 2024’s close.
Back in April, the banking giant made waves in the market with its prediction of Bitcoin reaching $100,000 by the end of 2024, asserting a conclusion to the bleak “crypto winter”.
Geoff Kendrick, one of Standard Chartered’s leading foreign exchange analysts, has now voiced an optimistic revision to that forecast, citing a 20% “upside” in the bank’s earlier call. The increased upside was related to increased miner profitability per BTC, which “means they can sell less while maintaining cash inflows.”
In turn, according to Kendrick, this will reduce the net BTC supply and push the price of the cryptocurrency higher, as Reuters reported.
Featured image via Unsplash.
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- Source: https://www.cryptoglobe.com/latest/2023/10/bitcoin-could-reach-45000-next-month-predicts-crypto-analyst-using-btcs-previous-cycles/
