Crypto analyst CryptoCon has highlighted a technical indicator that has always accurately predicted each local high for Bitcoin in this bull run. Once again, this indicator has revealed the next local high for Bitcoin and when it will happen.
When Bitcoin Will Reach A Local High Of $109,000
CryptoCon predicted in an X (formerly Twitter) post that the Bitcoin Fibonacci extension is set to push the flagship crypto over $100,000 as it rises to $109,236, a move which the analyst added could happen by year-end. He suggested that Bitcoin reaching $109,000 by December 2024 will only likely happen if the “1-month-behind 2023” trend continues.
The analyst’s chart showed that Bitcoin has hit a local top this year, one month ahead of each local top in 2023. The last local top for Bitcoin in 2023 rolled over into 2024 and occurred in January 2024. Based on the trend, the next local top could happen in December rather than rolling over into the new year.
Bitcoin’s potential rise to $100,000 and even $109,000 is one that several other analysts, like Standard Chartered’s Head of Digital Assets Research Geoffrey Kendrick, have predicted would happen at some point. Interestingly, Kendrick stated that Bitcoin would reach $100,000 ahead of the US elections in November and hit $150,000 by year-end if Trump wins the presidential election.
Meanwhile, based on CryptoCon’s most recent analysis, a rise to $109,000 is unlikely to be the market top for Bitcoin, as the flagship crypto still has a long way to go in this bull run. The analyst stated that he is convinced that Bitcoin still has over a year of the bull market to go based on the 3-week Fibonacci Channel RSI. This coincides with crypto analyst Rekt Capital’s prediction that the market top won’t come until sometime in September or October 2025.
BTC Could Reach $250,000 In This Bull Run
Crypto analyst Michael van de Poppe has raised the possibility of Bitcoin rising to as high as $250,000 in this market cycle. He stated that Bitcoin’s monthly candle closing at around $60,000 could be the consolidation before the “big bull breakout,” which would likely be the start of Bitcoin’s “big run” to $250,000.
The $250,000 price target is still below Cryptoquant CEO Ki Young Ju’s prediction that Bitcoin could achieve a market top of $265,000 in this market cycle. He made this prediction based on the Hashrate/Market Cap ratio, which he claimed supports a Bitcoin market cap three times larger than the one it clocked during the last cyclical top.
At the time of writing, Bitcoin is trading at around $58,600, down over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com