A market analyst who goes by the name CryptoCon on X has made a daring statement, suggesting that the price of Bitcoin (BTC) is still being determined to revisit its All-Time High (ATH) in the near future.
Bitcoin (BTC) Price Reaching All-Time Highs: Unlikely in the Near Future
Numerous people are currently captivated by the possibilities that lie ahead for the price of Bitcoin (BTC) as a result of the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC). This new development has the potential to stimulate a substantial increase in the value of the digital currency that is currently in the lead position.
CryptoCon expressed his belief that even if the price of Bitcoin (BTC) were to skyrocket, it might not reach its all-time high. This is despite the fact that this possibility exists. It was the observation that the coin had surpassed the critical zone of the Commodity Channel that served as the basis for his forecast.
The analyst observed that Bitcoin had reached a peak within the CCI Critical Zone. This is demonstrated by the fact that there have been multiple instances in which the coin has experienced a steep decline of almost thirty percent.
Bitcoin needs to prepare for reaching new all-time highs in the foreseeable future. This occurs after surpassing the CCI Critical Zone. Instead, it created a peak within it similar to what we’ve observed in 4 previous instances prior to a nearly 30% decrease. This occurred at 45k in December 2023.
— CryptoCon
Bitcoin’s price is expected to experience a period of cooling off in the coming months, according to a prediction made by CryptoCon. This prediction comes after Bitcoin’s price reached the $45,000 mark in December 2023. He is of the opinion that these periods of waiting typically continue for a considerable amount of time before they are resolved.
Top 5 Cryptocurrencies Today:
| Name | Price | 24H (%) |
|---|---|---|
Bitcoin
(BTC)
| $29,078.00
| -3.19% |
Ethereum
(ETH)
| $1,948.11
| -4.71% |
Tether
(USDT)
| $1.00
| -0.03% |
BNB
(BNB)
| $295.60
| -1.51% |
Cardano
(ADA)
| $0.51
| -10.30% |
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The analyst suggested that the speculation surrounding this one-of-a-kind product is almost finished and that numerous investors are choosing to remain cautious in order to observe how the price develops. This is in reference to the possibility of Bitcoin exchange-traded funds (ETFs). Although this is the case, CryptoCon is confident that the data regarding the price of Bitcoin has made its position abundantly clear.
When Will Bitcoin Reach Its All-Time High?
In subsequent discussions on X, CryptoCon faced intense questioning from members of the Bitcoin community. Eventually, he had the opportunity to reveal his prediction for the timing of the next Bitcoin all-time high after the approval of the ETF and the Bitcoin halving.
He mentioned that the price of Bitcoin (BTC) might begin to consider a new all-time high at any point after November 28, 2024. According to the projection based on the Halving Cycles Theory, it is evident that Bitcoin’s price began to gain momentum several months after the halving event.
As observed during the previous halving in May 2020, Bitcoin reached its all-time high in November 2021. If the pattern continues, BTC’s all-time high could occur at a later time, according to CryptoCon’s projection.
Contrary to the optimistic predictions of other industry experts and firms such as Bitwise, this individual’s forecast presents a different perspective. He does not share the belief that the coin will surge to $80,000 following the approval and launch of the spot Bitcoin ETF. As of this moment, Bitcoin is valued at $43,926, experiencing a 0.58% increase in the last 24 hours.
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