Bitcoin’s price action over the past 24 hours saw it break below the $100,000 price mark for a very short time before breaking it again. Notably, Bitcoin’s price action has ranged between $98,839.87 and $105,306 over the past 24 hours, highlighting potential corrections that the cryptocurrency is headed for.
These fluctuations a Extensive bull market cycle Which analysts like CryptoCon suggest is a long way off.
Bitcoin crash below $100,000 not over
Crypto analyst CryptoCon has been a consistent voice in tracking Bitcoin’s movements using Fibonacci extensions during the current market cycle. Back in August, While Bitcoin was hovering around $60,000, CryptoCon projected a gain of $109,236 by December. This prediction was based on the 0.618 Fibonacci extension and ultimately played out with remarkable accuracy.
Related reading
After first breaking above the $100,000 mark on December 5, this price point has proved to be a psychological barrier and Several retests since then. Despite its back-and-forth, Bitcoin enthusiasts remain firmly optimistic, and the crypto Feet & Greed Index remains highly bullish. As such, the correction over the past 24 hours is viewed by cryptocon as a minor event in a larger narrative.
According to the analyst, the rise of Bitcoin is marked up to $109,000 Just one step In its ongoing journey. The analyst emphasized that corrections, while inevitable, are becoming less important in the context of an increasingly well-established bull market.
“Reforms are an idea. That doesn’t mean they won’t come, it just means they’re not important,” CryptoCon Said about the reforms.
Next goal: $166,000 by February 2025
Looking ahead, CryptoCon has eyed the 5.618 Fibonacci extension as the next key milestone in Bitcoin’s ongoing bull market. This The projection aligns closely with a price target of about $162,000. According to the analyst, given the current rate of Bitcoin price growth, this ambitious goal could be achieved by February 2025.
Related reading
Currently, Bitcoin is trading at $101,600. For the cryptocurrency to reach the $162,000 level, it would need to register another 60% increase from its current price point.
CryptoCon does not see the February 2025 target as the end of Bitcoin’s bull run. In fact, the forecast is accompanied by a detailed multi-year chart outlining Bitcoin’s continued upward trajectory since November 2023. This chart highlights a pattern of stable 52% gains before encountering resistance at Fibonacci extension levels. The $162,000 path is seen as one of the few price targets ahead of significant corrections.
Interestingly, the analysis also hints at a higher price target associated with the 6.618 Fibonacci extension level. If Bitcoin were to reach this extreme milestone, it would translate to a Priced at about $254,100.
For now, Bitcoin looks poised for a steady growth above $100,000, with corrections in between.
Featured image created with Dall.E, chart from Tradingview.com
