Bitcoin (BTC) is on track to hit $45,000 in November as part of a classic BTC price cycle, popular analyst CryptoCon says.
In an X thread on Oct. 25, the Bitcoin price model creator turned his attention to one based on Fibonacci retracement levels.
Analyst: $45,000 next month “possible” for Bitcoin
Bitcoin reaching 17-month highs this week has many market participants expecting a pullback, but CryptoCon believes that plenty of upside potential remains.
Comparing current BTC price behavior to previous cycles, he showed that there is still room for BTC/USD to expand to the highest of the Fibonacci model’s five targets to hit a mid-cycle top.
Four have already been seen, with target four lying around 3.3% above this week’s top at $36,368. In between them are what are called “phases” — and November now marks a deadline for the next to complete.
“The move to the cycle mid-top usually takes about 2 months after the end of phase 2. Since our first month is about to come to a close in phase 4, the mid-top could be complete as soon as November,” part of commentary stated.
Any deeper retrace that occurs over the next 175 days before the Halving will represent an outsized opportunity for the next few years$BTC #Crypto #Bitcoin pic.twitter.com/KH7bsC7edq
— Rekt Capital (@rektcapital) October 25, 2023
Bitcoin Mid-Cycle Fibonacci Phases chart. Source: CryptoCon/X
Continuing, CryptoCon flagged two key resistance levels for Bitcoin bulls to clear in order for the $45,000 target to become reality.
“Both of these line up at about $36,400,” he noted.
BTC/USD chart with Fibonacci resistance levels. Source: CryptoCon/XBTC price cycle behavior “completely different”
Updating his own cycle comparison, meanwhile, fellow trader and analyst Rekt Capital described a “completely different” setup for Bitcoin in 2023.
At this point in its four-year pattern, BTC/USD should be testing support, not resistance, he argued, contrasting the current landscape to that from March 2020.
At the time, the pair put in cycle lows of just above $3,000 as part of a cross-market crash engendered by the start of the COVID-19 pandemic.
“Bitcoin is doing something completely different to what it did in 2019 at this same point in the cycle,” he wrote.
Bitcoin price cycle comparison. Source: Rekt Capital/X
In various recent X posts, Rekt Capital added that any significant pullback would represent a significant cycle buying opportunity.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.