Bitcoin’s price in the last 24 hours has briefly fallen below $100,000 before rising above that price. Bitcoin’s past 24-hour price range has been $98,839.87 – $105,306, showing the possibility of corrections as Bitcoin moves upwards.
It is not surprising that this fluctuation occurs in the middle of a broader bull market cycle CryptoCon analysts suggest that this is still a long way off.
Bitcoin Price Drop Below $100,000 is Not the End
CryptoCon, a crypto analyst firm, has consistently tracked Bitcoin’s movement using Fibonacci Extensions during this current market cycle. Back in August, CryptoCon predicted that Bitcoin would reach $109,236 in December, when it was around $60,000. The prediction, based on 0.618 Fibonacci Extension, was accurate.
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The psychological impact of breaking the $100k barrier on December 5 has led to a number of incidents. multiple retests since then. Bitcoin supporters remain extremely optimistic and the Crypto Feat And Greed Index continues to be in Extreme Greed. CryptoCon views the recent correction as part of a bigger narrative.
The analyst believes that Bitcoin has reached a new high of $109,000. just one step In its journey. Analysts noted that while corrections are inevitable, they become less important in light of a bull market which is increasingly established.
“Corrections are an afterthought. That doesn’t mean they won’t come, it just means they’re not important,” CryptoCon said regarding corrections.
Up Next: 166,000 dollars by February 2025
CryptoCon’s attention has been focused on the Fibonacci extension 5.618, which is the next major milestone for Bitcoin in its bull run. The next key milestone in Bitcoin’s ongoing bull market is the 5.618 Fibonacci extension. projection aligns closely With a target price of around $162,000. The analyst believes that this price target may be reached as early as February 2025 given Bitcoin’s rate of growth.
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Bitcoin trades currently at $101,600. In order for the Bitcoin cryptocurrency to reach its $162,000 price level, another 60% rise from its current point of sale would be required.
CryptoCon believes that the bull run of Bitcoin will not end in February 2025. The prediction comes with a multi-year graph that shows Bitcoin’s upward trend since November 2023. The chart shows a steady upward trend of 52% before hitting resistance levels at Fibonacci extensions. Price targets of $162,000 are considered before significant corrections.
The analysis suggests that the price could be even higher if the Fibonacci level of 6.618 is used. This extreme level would be equivalent to an astronomical price for Bitcoin. price of around $254,100.
Bitcoin is currently poised for an upward trend of $100,000 with some corrections.
Featured Image created using Dall.E and chart from Tradingview.com
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Source: www.newsbtc.com
