The recent price crash of Bitcoin, after briefly hitting $69,000, has left many investors wondering about the future of the cryptocurrency. However, despite this dip, the bulls have managed to hold up support above $67,000, indicating that there is still bullish sentiment prevailing in the market. Many are still optimistic about Bitcoin’s price potential, expecting a significant price jump in the near future.
One notable crypto analyst, CryptoCon, has recently shared an analysis that suggests Bitcoin still has a ways to go before reaching its cycle top. The analyst points to the Magic Bands levels, with Bitcoin currently sitting at the 2.5 level. According to the analyst, previous bull cycles have seen Bitcoin reaching the Level 4 Magic Band before the cycle top was in. This indicates that there is still room for growth and potential price surges in the near future.
After hitting a new all-time high above $72,300, Bitcoin is currently testing the resistance at the Level 2.5 Magic Band. If the cryptocurrency is able to break this resistance, the analyst predicts a 35% surge to $91,500 sometime in 2024. However, even after reaching this level, there is still the Level 4 Magic Band left to go, which could potentially push the price above $123,000 before the cycle top is in.
Based on CryptoCon’s analysis, Bitcoin still has a significant upside potential before the current bull cycle comes to an end. The analyst suggests that there could be another 100% move from the current price before reaching the cycle top, which is expected around 2026. Despite recent fluctuations in price, Bitcoin is still being supported by bullish investors who are determined to push back against any selling pressure.
As the cryptocurrency market continues to evolve and mature, it is important for investors to stay informed and analyze the latest trends and developments. Bitcoin’s price movements can be unpredictable, but with careful analysis and research, investors can make informed decisions about when to buy, sell, or hold their positions. While the current cycle may still have some ways to go before reaching its peak, the overall outlook for Bitcoin remains positive, with many analysts predicting further price increases in the coming years.