Bitcoin Could Surge to $45,000 by November, Predicts Analyst CryptoCon
Summary:
Prominent analyst CryptoCon anticipates Bitcoin could surge to $45,000 by November as it fits into a typical BTC price trend. Despite Bitcoin reaching a 17-month high this week, CryptoCon sees potential growth, relating current BTC price behavior to previous cycles. Crypto trader and analyst Rekt Capital presents a contrasting perspective for Bitcoin in 2023. The article underlines the importance of individual research since any investment or trading move involves risk.
Famed analyst CryptoCon suggests that Bitcoin (BTC) could surge to $45,000 by November as part of a typical BTC price trend. On October 25, the creator of the Bitcoin price model turned his focus onto a model predicated on Fibonacci retracement levels.
Despite Bitcoin reaching a 17-month high this week which led several market observers to anticipate a dip, CryptoCon posits a significant growth potential. Upon correlating current BTC price motion with past cycles, he demonstrated there's still potential for BTC/USD to extend to the highest of the Fibonacci model’s five targets, culminating in a mid-cycle peak. The fourth target has already been achieved, lying a mere 3.3% above this week’s peak of $36,368. The timeline between these targets is labeled as “phases" with November expected to wrap the next one.
The movement toward the middle of the cycle usually spans 2 months post phase 2. As the first month of phase 4 is nearly ending, the mid-point could be reached as early as November, CryptoCon stated. In simpler terms, we could see a surge beyond 45k by next month.
He indicated two crucial resistance levels that Bitcoin bulls must surpass for the $45,000 target to become feasible. These levels align near $36,400, he pointed out.
Crypto trader and analyst Rekt Capital, meanwhile, presented a "completely different" outlook for Bitcoin in 2023. He stated that based on Bitcoin's four-year pattern, BTC/USD should be challenging support rather than resistance. He compared the present situation to that of March 2020 when Bitcoin registered cycle troughs of just over $3,000 following a broad market collapse triggered by the emergence of the COVID-19 crisis.
Bitcoin is behaving entirely different from how it did in 2019 around this part of the cycle, he noted. Rekt Capital substantiated in various recent posts, that any significant dip would be a significant cycle buying opportunity.
This article is not intended to provide investment advice or recommendations. Any investment or trading move carries risk, and individuals should undertake their own research prior to making decisions.
Published At
10/26/2023 9:02:52 AM
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