As an experienced cryptocurrency analyst, I believe that Bitcoin still holds significant potential for growth despite the recent price drop below $70,000. Based on CryptoCon’s Magic Bands analysis, it appears that we are still in the early stages of this bull cycle, with the potential for a 35% surge to $91,500 by 2024.
Despite the Bitcoin price dropping significantly from its peak at $69,000, it hasn’t been knocked out of contention yet. Bulls are maintaining their stance and keeping the price above $67,000. The market continues to exhibit a bullish attitude, with many investors still anticipating a major price surge for Bitcoin in the near future.
Bitcoin Can Still Make A 35% Jump
According to cryptocurrency expert CryptoCon’s latest analysis shared on platform X (previously known as Twitter), Bitcoin has not yet reached the peak of its current cycle. The digital currency is currently below the Level 3 threshold of the Magic Bands indicator, suggesting that there is still room for growth before the cycle top is achieved.
An analyst draws attention to past bull markets during which the Magic Bands had fully formed before the peak was ultimately reached. In its entirety, the Magic Band consists of four distinct levels. At present, we are only in the 2.5 level of the current cycle, leaving substantial room for further progress.
Moving forward, the next significant tier is the Level 3 Magic Band, which typically involves a substantial price increase. After hitting an unprecedented peak of over $72,300 following the accomplishment of Level 2, the cryptocurrency now faces resistance at Level 2.5, and a breakthrough is necessary to continue advancing.
If the Bitcoin price manages to surmount this barrier, a crypto analyst anticipates a 35% rise, propelling the price up to around $91,500 by the year 2024. This progression may take some time to materialize at Level 3 of the Magic Bands, but it represents the next significant milestone according to their analysis.
$91,539 target left untouched and unchanged for #Bitcoin.
Taking some time to reach it at Level 3 of the Magic bands but it’s the next step.
All in due time…
— CryptoCon (@CryptoCon_) June 12, 2024
When Will The BTC Price Top?
Based on the findings from CryptoCon’s Magic Bands analysis, it seems that the Bitcoin cycle top may not have been reached yet. According to the crypto expert’s assessment, even after surpassing the Level 3 magic band, there is still a Level 4 threshold left to be met. Historically, this level has indicated the peak of the Bitcoin cycle.
As a researcher studying cryptocurrency markets, I’ve observed that after reaching a peak of $91,500 during Level 3, there might be a period of consolidation. Following this consolidation, I anticipate that the Bitcoin price will surpass $123,000 before completing the current market cycle and reaching its peak.
According to CryptoCon’s analysis, Bitcoin may still have room for a 100% price increase from its current level before the bull market concludes, with an estimated peak potentially occurring around 2026.
Currently, the Bitcoin price remains supported by buying forces that have withstood persistent selling pressure. In spite of a 4.3% decrease over the past week, it is currently priced at $67,900.
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2024-06-14 00:04