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Cryptocurrency technical analyst CryptoCon predicted in a tweet that Bitcoin (BTC) could rise to as high as $45,500 in the near future.
CryptoCon shared that BTC has entered the fourth stage of its mid-cycle in the tweet. As a result, the cryptocurrency is currently progressing towards the “mid-top” of the cycle.
Considering the first month after the end of the second stage, CryptoCon predicted that BTC could reach $45,000 by November.
As Bitcoin’s price attempts to hold above $34,000, the prominent analyst assessed the possibility of Bitcoin reaching $45,000.
Can Bitcoin’s Price Reach $45,000?
Cryptocurrency technical analyst CryptoCon predicted in a tweet that Bitcoin (BTC) could rise to as high as $45,500 in the near future. This prediction, according to the analyst, came after the leading cryptocurrency entered a new stage in its current cycle.
CryptoCon shared that BTC has entered the fourth stage of its mid-cycle in the tweet. As a result, the cryptocurrency is currently progressing towards the “mid-top” of the cycle, which is around $45,500.
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The analyst added that the end of the second stage is often followed by a direct move for the fifth stage. This led CryptoCon to predict that BTC could surge to $45,000 in the near future. However, Bitcoin will need to break the $36,368 resistance level to begin this surge.
Nonetheless, the analyst maintained confidence in Bitcoin’s price rising in the medium term. According to CryptoCon’s analysis, this confidence is based on the fact that the move to the “mid-top” occurred within 2 months of the end of the second stage. Given that the first month after the second stage has ended, CryptoCon predicted that BTC could reach $45,000 by November.
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Bitcoin: Mid-Cycle Fibonacci Phases
Current State of Bitcoin Price
As of the time of writing, BTC is trading at $34,280 according to available data. It has increased its 24-hour gains by 1.71%, boosting its weekly price performance by 22.22%. In recent days, Bitcoin rose to $35,000, but it retreated to its current level after reaching this high.
