In a recent revelation, prominent cryptocurrency technical analyst CryptoCon has foreseen a surge in Bitcoin (BTC) prices, speculating it could skyrocket to a staggering $45.5K. As the astute analyst indicates, this projection comes in the wake of Bitcoin’s entry into a fresh phase within its ongoing cycle.
CryptoCon shared crucial insights, affirming that BTC has transitioned into the fourth phase of its mid-cycle. This pivotal development places the cryptocurrency on the trajectory towards the cycle’s “mid-top,” anticipated to rest at approximately $45.5K.
Furthermore, the analyst pointed out a significant pattern: the conclusion of phase 2 often directly leads to phase 5. In light of this, CryptoCon postulates that BTC’s value may swiftly ascend to $45K. However, before this anticipated surge can occur, the market leader must first surmount the resistance level set at $36,368.
Analyst Forecasts Bitcoin Surge To $45K By November
Undeterred by this challenge, CryptoCon exudes confidence in the medium-term surge of BTC’s price. This optimism is primarily rooted in the analyst’s observation that the move towards the “mid-top” historically unfolds about two months after the second phase’s conclusion. Since the first month post-phase two is closing, CryptoCon boldly predicts that BTC’s ascent to $45K could manifest as early as November.
As of writing, BTC is trading at $34,442, showcasing a noteworthy 24-hour gain of 0.86%. This surge also propelled its weekly performance to an impressive 21.23%. This surge catapulted BTC to the second spot on CoinMarketCap’s trending list, overshadowed only by the viral meme coin Pepe (PEPE) and surpassing Shiba Inu (SHIB), a favorite among meme coin enthusiasts.
Throughout the past trading day, BTC achieved a zenith at $34,787.02, subsequently retracing to its current level. Despite this slight regression, it remains much closer to its 24-hour peak than its daily low, which bottomed out at $33,278.40.