CryptoCon, a popular analyst, predicted that Bitcoin (BTC) is likely to reach $45,000 in November, which is part of a classic BTC price cycle.
In a thread on Oct. 25, the Bitcoin price model creator discussed the Fibonacci retracement levels in relation to the crypto right now.
Analyst: $45,000 next month is “possible” for Bitcoin
Despite the Bitcoin price reaching 17-month highs this week, CryptoCon believes that there is still plenty of upside potential. By comparing the current BTC price behavior to previous cycles, it was observed that the Fibonacci model has five targets, four of which have already been achieved. The fifth target lies around 3.3% above this week’s top at $36,368.
CryptoCon mentioned that the move to the cycle mid-top usually takes about two months after the end of phase 2. As the first month of phase 4 is coming to a close, the mid-top could be complete as soon as Crypto November 2021.
For the $45,000 target to be achieved, two key resistance levels need to be cleared, which CryptoCon noted to be at around $36,400.
BTC price cycle behavior “completely different”
Rekt Capital, a trader and analyst, described the setup of Bitcoin in 2023 as “completely different” from March 2020 when the pair tested support at just above $3,000 due to the start of the COVID-19 pandemic. He added that any crypto crash today would be a great opportunity to buy.
In his recent posts, Rekt Capital stated that the current crypto november 2021 landscape is not like the one in 2019 at the same time in the cycle. He believes that crypto right now should be testing support, not resistance.
He also noted that crypto now live, crypto recent, crypto next week, crypto real time, crypto now twitter, and crypto latest now could be great opportunities for buying.
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