Bitcoin (BTC) is on track to hit $45,000 in November amid a classic BTC price cycle, popular analyst CryptoCon said.
In a wire On October 25, the creator of the Bitcoin price model turned its attention to a model based on Fibonacci retracement levels.
Analyst: $45,000 next month is ‘possible’ for Bitcoin
With Bitcoin hitting a 17-month high this week, many market participants are expecting a pullback, but CryptoCon believes there remains plenty of upside potential.
Comparing BTC’s current price behavior to previous cycles, it showed that it is still possible for BTC/USD to extend to the highest of the five Fibonacci pattern targets to reach a mid-cycle high.
Four have already been seen, with target four sitting about 3.3% above this week’s high at $36,368. Between them are what are called “phases” – and November now marks the deadline for the next one to be completed.
“Moving to mid-cycle typically takes about 2 months after Phase 2 ends. Since our first month is about to end in Phase 4, mid-cycle could be completed as early as November,” part of the commentary reads.
“Translation: a possible passage above 45,000 by next month.”
Bitcoin mid-cycle Fibonacci phase chart. Source: CryptoCon/X
Continuing, CryptoCon flagged two key resistance levels that Bitcoin bulls must overcome in order for the $45,000 target to become a reality.
“Those two prices come to about $36,400,” he noted.
BTC/USD chart with Fibonacci resistance levels. Source: CryptoCon/X
“Completely different” BTC price cycle behavior
Update yours cycle comparisonMeanwhile, fellow trader and analyst Rekt Capital described a “completely different” setup for Bitcoin in 2023.
Related: “It’s the Trigger” – Arthur Hayes Says It’s Time to Bet on Bitcoin
At this point in its four-year development, BTC/USD should test support and not resistance, he argued, contrasting the current landscape with that of March 2020.
At the time, the pair hit a cycle low just above $3,000 as part of an inter-market crash spawned by the onset of the COVID-19 pandemic.
“Bitcoin is doing something completely different than it did in 2019 at this same point in the cycle,” he wrote.
Comparison of the Bitcoin price cycle. Source: Rekt Capital/X
In various recent X-articles, Rekt Capital added that any significant pullback would represent a significant cycle buying opportunity.
Any deeper retracement that occurs over the next 175 days before the halving would represent an outsized opportunity for the next few years.$BTC #Crypto #Bitcoin pic.twitter.com/KH7bsC7edq– Rekt Capital (@rektcapital) October 25, 2023
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.
