Legendary Fibonacci Extension Reveals When Bitcoin Will Reach $109,000

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As a seasoned crypto investor with over a decade of experience navigating the volatile world of digital assets, I find myself intrigued by the latest predictions from analysts like CryptoCon and Michael van de Poppe. The prospect of Bitcoin reaching $109,000 by year-end, as suggested by CryptoCon, is certainly enticing. However, I’ve learned in this game that no prediction is set in stone, and the market can often surprise us with unexpected twists and turns.

Crypto expert CryptoCon points out a technical signal that consistently forecasts every local peak in Bitcoin‘s current bull market. Remarkably, this same indicator is now signaling the upcoming local high for Bitcoin, along with its expected timing.

When Bitcoin Will Reach A Local High Of $109,000

As a crypto investor, I’m excited about the prediction made by CryptoCon in a recent post. They’ve suggested that the Bitcoin Fibonacci extension could propel Bitcoin over $100,000, reaching a potential high of $109,236 by the end of this year. However, they added a caveat: this move might only happen if the “one-month-behind 2023” trend persists. In other words, if Bitcoin follows the same trajectory as it did one month behind in 2023, we might see Bitcoin reaching $109,000 by December 2024.

Legendary Fibonacci Extension Reveals When Bitcoin Will Reach $109,000

As a researcher studying cryptocurrency trends, my analysis reveals an interesting pattern regarding Bitcoin’s local tops this year. Similar to each local top in 2023, this year’s peak occurred one month earlier. However, unlike previous years where the last local top for Bitcoin in 2023 extended into 2024 (happening in January 2024), it seems that the next local top might not follow suit. Instead, based on the current trend, I anticipate the next local top to occur in December, rather than rolling over into the new year.

Some experts, including Geoffrey Kendrick from Standard Chartered, have forecasted that Bitcoin’s price could surge to as high as $109,000. Remarkably, Kendrick predicts this significant increase in Bitcoin’s value would occur before the November US elections and potentially reach $150,000 by the end of the year if Donald Trump secures another term as president.

According to CryptoCon’s latest assessment, Bitcoin is not expected to reach $109,000 as its peak in this bull run, as there is still room for growth. The analyst believes that the bull market may last over a year based on a 3-week Fibonacci Channel RSI. This view aligns with crypto analyst Rekt Capital’s forecast that the market top might not occur until September or October 2025.

Legendary Fibonacci Extension Reveals When Bitcoin Will Reach $109,000

BTC Could Reach $250,000 In This Bull Run

Crypto analyst Michael van de Poppe has raised the possibility of Bitcoin rising to as high as $250,000 in this market cycle. He stated that Bitcoin’s monthly candle closing at around $60,000 could be the consolidation before the “big bull breakout,” which would likely be the start of Bitcoin’s “big run” to $250,000.  

The predicted price of Bitcoin, as stated by Cryptoquant CEO Ki Young Ju, is $265,000 in this market cycle. This prediction is based on the Hashrate/Market Cap ratio, which suggests that Bitcoin’s market cap could reach three times its previous high during a cyclical top, putting it at $265,000. At present, however, the projected price target remains at $250,000, which is still below his prediction.

Currently, as I’m typing this, Bitcoin is being exchanged for approximately $58,600. However, it has experienced a decrease of more than 3% within the past 24 hours, based on information provided by CoinMarketCap.

Legendary Fibonacci Extension Reveals When Bitcoin Will Reach $109,000

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2024-08-12 14:11