Bitcoin (BTC), the pioneering digital currency that has recently seen a notable surge recording 51% in global crypto market capitalization dominance, has now received a fresh analysis from CryptoCon, a seasoned crypto technical analyst hinting at a potential surge in the asset’s price.
This projection, shared in a recent post on X (formerly known as Twitter), has caught the attention of many, given its bullish outlook amid the present market landscape.
Bitcoin Enters Mid-Cycle Phase Four
Based on CryptoCon’s research, Bitcoin has embarked on its fourth mid-cycle phase. It is worth noting that such categorized phases are integral in understanding the potential trajectory of a cryptocurrency.
This new phase suggests that Bitcoin is on a path to reach the “mid-top” of its cycle, which, according to CryptoCon, is around the $45,500 mark.
CryptoCon further elaborated that there’s typically a swift transition to phase five after the second phase’s conclusion. Given this pattern, the prediction is that Bitcoin could reach the speculated $45,000 price point soon.
However, a key hurdle remains. For Bitcoin to ascend to this new height, it must first breach the $36,368 resistance level, the analyst disclosed.
Welcome to Mid-Cycle phase 4
This is the time when #Bitcoin is in between heading to the cycle Mid-Top which is now about 45.5k.
Price has typically come over this.
Interestingly, when phase 2 is over, it’s usually a launch straight to phase 5, which means 45k could be soon!… pic.twitter.com/uGsEcUqb5q
— CryptoCon (@CryptoCon_) October 25, 2023
The Path To $45,500: Factors And Timelines
Notably, the optimism surrounding this prediction is grounded in historical patterns. CryptoCon’s assessment indicates that a leap to the “mid-top” typically occurs approximately two months after the closure of the second phase.
The anticipation grows stronger as the first of these two months draws to a close. If the pattern holds and Bitcoin maintains its current momentum, we might witness it touch the $45,500 mark as we usher in November, the analyst concluded, noting:
Since our first month is about to come to a close in phase 4, the mid-top could be complete as soon as November. Translation: A possible move above 45k by next month.
It is worth noting that CryptoCon isn’t the only analyst sharing predictions on Bitcoin’s trajectory. Stephan Livera, Swan…
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