Crypto Con, an avid crypto-analyst and enthusiast, has said that the market for cryptocurrency continues to see heightened confidence and optimism from investors. predicted The timeline to see Bitcoin reach its highest point in the current bull cycle is based upon past BTC run and cumulative peak.
Bitcoin Peak To Happen Less Than A Year
Crypto Con identified historical trends by analysing data that could help pinpoint the moment when cryptocurrency, the market’s most valuable asset, reaches its peak in the current cycle. The Stochastic Indicator (SMI), according to an expert, shows Bitcoin exactly where it is supposed to be during the current bull market cycle.
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Crypto Con is of the opinion that there’s still plenty of growth room in the future. BTC is currently around one year away from the cycle peaks. This cycle’s peak will be reached in about a month. peak Between January and February 2025. Analysts continue to focus on December 2024, as it is anticipated that this will be the highest month of the cycle.
Crypto Con also hinted that the recovery of the cryptocurrency market from the perfectly healthy correction it experienced recently could be a catalyst for driving the price up.
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SMI shows that Bitcoin has plenty of room to grow, and is exactly where it should be. Our current position lines up at about 1 year from cycle tops, which would make this cycle’s top in Jan – Feb 2025. I’m still looking at December 2024 as a possible cycle peak month based on our current pace.
The analyst had previously predicted BTC The expert may have predicted that an asset would reach this level in December. “Bitcoin is still on track for a layer 7 price target of $149,000 by the end of this year,” He said.
Crypto Con’s predictions are in accordance with the measurements that have been made for Log Regression Curves as well as the tops of the cycles in 2021. The more conservative layer 6 (the layer which denoted 2013’s cycle top) aims to achieve the $108,000 mark by then.
Experts will often highlight certain prices during a prediction. consolidationThis new cycle development is an important one. This consolidation becomes more accurate as volatility declines.
Fibonacci Extendance: Determining BTC’s Peak
Crypto Con also uses the Fibonacci Extensions. determine The Bitcoin price peaked this cycle. Cycle retraces on his chart indicate that the first two cycles came close to the extension of 2.618, while the final cycle struck the extension of 1.618.
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BTC is currently priced at $159 128. “This is one of the many perspectives to be balanced in the basket of possibilities, and I would consider this estimate to be on the optimistic for this cycle,” He also added.
As of the date this article was written, Bitcoin Slowly, the price is moving towards $70,000. This represents a growth of 5% in just one week. The market cap of the company is down 0.25% while trading volume has dropped by 12% over the past 24 hour.
Chart from Tradingview.com, iStock image.
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Source: www.newsbtc.com