According to a well-known cryptocurrency expert who utilised Fibonacci retracement levels to predict the possible increase of the coin, the price of the leading cryptocurrency Bitcoin ($BTC) might reach $45,000 next month as it continues to rise consistently.
On the well-liked microblogging site X (previously known as Twitter), in a thread. Even though Bitcoin just hit a 16-month high, analyst CryptoCon reminded their over 57,000 followers that there is still a lot of upside potential.
BTC Projected to Hit $45,000 Based on Historical Patterns,BTC Projected to Hit $45,000 Based on Historical Patterns
By comparing the current and previous cycles of the price of Bitcoin using the Fibonacci model, the analyst was able to conclude that, before reaching a mid-cycle peak, BTC might grow in relation to the US dollar and reach the fifth and highest target of the model.
The fifth goal is approximately 3.3% higher than the $36,368 high price this week. The model also includes “phases,” or intermediate stages. The research indicated that a “possible move about 45k by next month” is feasible, and the following phase is expected to be completed by November.
According to CryptoCon, for the price of Bitcoin to reach $45,000, it must overcome two significant resistance levels, one of which is located slightly over $36,300.
In the meanwhile, cryptocurrency expert Crypto Jeb recently revealed his thoughts on why he believes Bitcoin will see a big increase, maybe hitting over $70,000 by the end of the year.
The acts of BlackRock, the largest asset manager in the world, and the monetary policies of the Federal Reserve are the two main reasons he cites for this optimistic view.
As previously said, international banking and financial services company Standard Chartered, headquartered in London, predicted back in July that the price of bitcoin may hit $50,000 this year and surpass $120,000 by the end of 2024.
When the financial behemoth said in April that Bitcoin will hit $100,000 by the end of 2024, it sent shockwaves across the market and signalled the end of the dire “crypto winter.”
Leading Standard Chartered foreign exchange expert Geoff Kendrick has since released an upbeat update to that prediction, pointing to a 20% “upside” in the bank’s previous prognosis. Increased miner profitability per Bitcoin was the reason for the higher upside, as it “means they can sell less while maintaining cash inflows.”
As a result, as reported by Reuters, Kendrick claims that this will lower the net BTC supply and raise the price of the cryptocurrency.
BTC Projected to Hit $45,000 Based on Historical Patterns,BTC Projected to Hit $45,000 Based on Historical Patterns,BTC Projected to Hit $45,000 Based on Historical Patterns, BTC coin Crypto news, BTC coin News