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

The Bitcoin value motion previously 24 hours noticed it breaking under the $100,000 value mark once more very briefly earlier than breaking above it once more. Notably, Bitcoin’s value motion previously 24 hours has been between $98,839.87 and $105,306, highlighting the potential corrections that might happen because the cryptocurrency continues to edge upwards. 

This fluctuation comes amid a broader bull market cycle that analysts like CryptoCon recommend is way from over.

Bitcoin Crash Under $100,000 Not The Finish

Crypto analyst CryptoCon has been a constant voice in monitoring Bitcoin’s actions utilizing Fibonacci extensions in the course of the present market cycle. Again in August, when Bitcoin was hovering round $60,000, CryptoCon projected a surge to $109,236 by December. This prediction was based mostly on the 0.618 Fibonacci extension and finally performed out with outstanding accuracy.

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Since first breaking above the $100,000 mark on December 5, this value level has confirmed to be a psychological barrier and there have been a number of retests since then. Regardless of this forwards and backwards, Bitcoin lovers stay strongly optimistic, and the Crypto Feat And Greed Index stays in Excessive Greed. As such, the correction previously 24 hours is considered by CryptoCon as a minor occasion in a bigger narrative.

Based on the analyst, Bitcoin’s rise to $109,000 marked only one step in its ongoing journey. The analyst emphasised that corrections, whereas inevitable, have gotten much less vital within the context of the more and more well-established bull market.

“Corrections are an afterthought. That doesn’t imply they gained’t come, it simply means they’re not essential,” CryptoCon stated concerning corrections.

The Subsequent Goal: $166,000 By February 2025

Wanting forward, CryptoCon has turned consideration towards the 5.618 Fibonacci extension as the subsequent key milestone in Bitcoin’s ongoing bull market. This projection aligns intently with a value goal of roughly $162,000. Based on the analyst, this formidable goal might materialize as quickly as February 2025, given Bitcoin’s present charge of value development. 

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At current, Bitcoin is buying and selling at $101,600. For the cryptocurrency to achieve the $162,000 stage, it might have to register one other 60% enhance from its present value level. 

CryptoCon doesn’t see the February 2025 goal because the conclusion of Bitcoin’s bull run. The truth is, the prediction is accompanied by an in depth multi-year chart outlining Bitcoin’s constant upward trajectory since November 2023. This chart highlights a sample of regular 52% features earlier than encountering resistance at Fibonacci extension ranges. The trail to $162,000 is considered as one in all some value targets earlier than notable corrections. 

Apparently, the evaluation additionally hints at an excellent loftier value goal tied to the 6.618 Fibonacci extension stage. If Bitcoin have been to achieve this excessive milestone, it might translate to a value of round $254,100.

For now, Bitcoin seems prepared for a gradual continued development above $100,000, with corrections in between.

Featured picture created with Dall.E, chart from Tradingview.com