Bitcoin (BTC), the largest cryptocurrency in the market, has seen a significant decline in recent weeks following a decrease in hype around exchange-traded funds (ETFs), resulting in a 9% drop. However, Glassnode’s co-founders believe that this correction is following historical patterns and could potentially lead to new all-time highs for Bitcoin, with a target price of approximately $120,000 by 2024.
The co-founders of the blockchain analytics firm analyzed Bitcoin’s movement using technical analysis and pointed out similarities between the current correction and market conditions observed in 2017 and 2020. They noted that after previous corrections, Bitcoin experienced significant price increases, eventually reaching its current all-time high of $69,000. If history repeats itself, Bitcoin could potentially reach the 6.618 Fibonacci extension, pushing its price to $120,000.
Another crypto analyst, Crypto Con, also relies on historical patterns to predict Bitcoin’s future price action. They noted that the mid-top of this Bitcoin price cycle occurred slightly faster than previous cycles but slower than the third cycle. Despite some variations in timing, Crypto Con predicts new all-time highs for Bitcoin after November 2024, with price targets ranging from $90,000 to $130,000.
It is important to note that these predictions are based on historical patterns and technical analysis, and the cryptocurrency market is highly volatile and subject to various factors. As of now, Bitcoin is trading at $40,590, with potential support at the $37,650 level if it continues to decline.