The cryptocurrency landscape is once again rife with speculation as Bitcoin traverses its current fourth halving cycle. Amidst varied predictions, renowned crypto analyst CryptoCon’s insights, grounded in the Gann Square methodology, the November 28 Halving Cycles theory, and the 5.3 Diminishing Returns theory have garnered significant attention.
CryptoCon remarked via X (formerly Twitter) today, “The Gann Square predicts either $89,000 or $135,000 for the Bitcoin top this cycle.” He emphasized the accuracy of the Gann Square theory during previous cycles, pointing out its precision in predicting the cycle tops.
Will Bitcoin Price Reach $135,000?
According to the analyst, by leveraging the “blue 2×1 fan as the fair value line and drawing the end at Nov 28th (Halving Cycles Theory),” the Gann Square successfully pinpointed the tops of cycles 1 and 3 at the fourth level. However, the second cycle diverged, settling slightly above the fifth level.
This sets the stage for two potential outcomes in the ongoing fourth cycle, with the $135,000 prediction aligning with both CryptoCon’s November 28th price model and his Trend Pattern price model. Conversely, the $89,000 figure is aligning with the 5.3 diminishing returns theory.
Historical data further adds depth to this analysis. Bitcoin’s inaugural cycle, spanning 2010-2014, saw it catapult from a minuscule value to a peak of $1,177. The subsequent 2015-2018 cycle commenced at $250, witnessing an unprecedented climb to $20,000 by its close. The journey from 2018-2022 manifested Bitcoin’s resilience as it surged from sub-$6,000 levels to a commendable $68,800.
Delving into the intricacies of the Gann Square’s “Fan” Lines offers more clarity. The “2×1 Fan” line, represented in blue, plots a trend angle where the price progression is double that of time. Traditionally, when the Bitcoin price is close to this line, it indicates a “fair value”.
In its 13-year history, Bitcoin has only extremely rarely fallen below the line, most recently in late 2022 following the collapse of FTX, then the second largest crypto exchange, and during the Covid crash in March 2020.
The “1×1 Fan” line, depicted in green, portrays a market in equilibrium with prices increasing in tandem with time. Historically, Bitcoin’s price peaked near this line during the parabolic run-up in the second and third cycles, providing…
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