According to CryptoCon, Bitcoin is still on course to potentially achieve additional increases of around 30% compared to its present BTC price levels.
Bitcoin, represented by the ticker BTC, has dipped to $34,109 but is poised to reach $45,000 in November as part of a traditional BTC price cycle, as stated by the renowned analyst CryptoCon.
In an October 25th thread, the developer of the Bitcoin price model shifted their focus to one based on Fibonacci retracement levels.
Analyst: $45,000 next month is “possible” for Bitcoin
Bitcoin’s recent surge to 17-month highs has raised expectations of a potential pullback, but according to CryptoCon, there’s still considerable upside potential. By comparing the current price behavior of BTC to past cycles, CryptoCon highlighted the possibility of BTC/USD reaching the highest of the Fibonacci model’s five targets before hitting a mid-cycle top.
Four of these targets have already been met, with the fourth target positioned approximately 3.3% above this week’s high at $36,368. These targets are interspersed with what CryptoCon refers to as “phases,” and November serves as a deadline for the completion of the next phase.
Typically, the move to the cycle mid-top takes around two months after the end of phase 2. With the first month of phase 4 coming to a close, it’s plausible that the mid-top could be attained as early as November, according to the commentary.
This analysis suggests that Bitcoin’s current bull run may still have room to grow before reaching a mid-cycle top, presenting an optimistic outlook for those invested in the cryptocurrency. However, the volatile nature of the crypto market means that caution and continued monitoring are essential for both traders and investors.
“Translation: A possible move above 45k by next month.”
Continuing, CryptoCon flagged two key resistance levels for Bitcoin bulls to clear in order for the $45,000 target to become reality.
“Both of these line up at about $36,400,” he noted.
BTC price cycle behavior “completely different”
Updating his own cycle comparison, meanwhile, fellow trader and analyst Rekt Capital described a “completely different” setup for Bitcoin in 2023.
At this juncture within its four-year cycle, BTC/USD is expected to be examining support levels rather than resistance, as argued by CryptoCon. This assessment is based on a comparison between the current situation and that of March 2020, when the pair reached cycle lows of just over $3,000 amid a widespread market downturn triggered by the onset of the COVID-19 pandemic.
He emphasized that Bitcoin is displaying a markedly different behavior compared to its actions in 2019 at this particular phase of the cycle.
In various recent X posts, Rekt Capital added that any significant pullback would represent a significant cycle buying opportunity.
