Bitcoin Price Crash Below $100,000 Not The End As Analyst Predicts Another 52% Jump

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As a seasoned analyst with over two decades of market analysis under my belt, I have seen my fair share of bull and bear markets, and the current Bitcoin cycle is one that stands out. The recent brief dip below $100,000 is not the end of the road for Bitcoin, far from it. In fact, it’s just a minor event in what seems to be an unstoppable bull market.

Over the last day, Bitcoin’s value dipped below the $100,000 threshold momentarily before rebounding above it. More specifically, within the past 24 hours, Bitcoin’s price fluctuated between approximately $98,839.87 and $105,306, hinting at possible adjustments as this digital currency keeps climbing higher.

This fluctuation arises during an extended bullish phase in the cryptocurrency market, which several analysts such as CryptoCon believe still has some distance left to run.

Bitcoin Crash Below $100,000 Not The End

As a dedicated crypto investor, I’ve been closely following Bitcoin’s trajectory using Fibonacci extensions throughout this market cycle, with CryptoCon being my go-to analyst. In August, when Bitcoin was trading around $60,000, CryptoCon forecasted a significant jump to $109,236 by December. This prediction, derived from the 0.618 Fibonacci extension, proved to be incredibly precise by the end of the year.

Ever since surpassing $100,000 on December 5, this level has shown to be a significant psychological hurdle, with numerous attempts to reclaim it since then. However, Bitcoin supporters continue to exhibit unwavering optimism, and the Crypto Fear & Greed Index remains firmly in the Extreme Greed zone. Consequently, the recent dip over the last 24 hours is seen by CryptoCon as a minor blip in an ongoing storyline.

As per the analyst’s perspective, reaching $109,000 was merely a milestone in Bitcoin’s continuous trajectory. The analyst underscored that although corrections are an inherent part of any market, they are becoming less impactful as the bull market matures and solidifies further.

CryptoCon mentioned that corrections are often overlooked initially, but this does not imply they will never occur; rather, they’re not given high priority at the moment.

The Next Target: $166,000 By February 2025

In the future, CryptoCon is focusing on the 5.618 Fibonacci extension as a potential significant level in Bitcoin’s ongoing bull market. This prediction lines up well with an estimated price of around $162,000. The analyst believes this high target might be reached as early as February 2025 if Bitcoin continues to grow at its current pace.

Right now, Bitcoin’s value stands at around $101,600. In order for its price to hit $162,000, it would require an additional rise of approximately 60%, starting from its current position.

According to CryptoCon, the target date for Bitcoin’s bull run in February 2025 is not considered its final destination. Instead, their prediction is supported by a comprehensive multi-year chart that shows Bitcoin’s continued upward trend since November 2023. This chart illustrates a recurring pattern of approximately 52% gains followed by resistance at Fibonacci extension levels. The journey to reach $162,000 is seen as a series of price targets before significant pullbacks occur.

As a researcher, I’ve found intriguing indications suggesting that if Bitcoin manages to touch the 6.618 Fibonacci extension level, we could be looking at an unprecedented high. This potential peak would approximate roughly $254,100 in value.

At present, it seems that Bitcoin could sustain its upward trajectory beyond the $100,000 mark, interspersed by potential dips or pullbacks.

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2024-12-19 20:46