A new Bitcoin price target has been set at $109,000, with an analyst predicting that the pioneer cryptocurrency might surge to this projected degree earlier than the top of the 12 months. This bullish forecast comes as Bitcoin experiences new momentum that has pushed its worth properly above $67,000.
New Bitcoin Target Set At $109,000
A Bitcoin technical analyst recognized as ‘CryptoCon’ has taken to X (previously Twitter) to unveil his bullish prediction for the Bitcoin price. While many analysts believe that this This autumn is a considerably bullish interval for Bitcoin, CryptoCon confirms this sentiment by forecasting that Bitcoin might see its worth reaching $109,000 as early as December 2024.
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In the analyst’s phrases, “$109,000 is just the next rung on the ladder for Bitcoin.” This means that the analyst is assured that Bitcoin could hit this new all time high, but additionally has the potential to extend even additional over time.
Sharing an in depth chart of Bitcoin’s historical price movements, the analyst highlighted intervals when Bitcoin hit new highs, suggesting a potential correlation in previous bullish traits. In April and July 2023, Bitcoin skilled an enormous 52% surge, pushing its worth to $30,362 on the 1.618 Fibonacci retracement degree.
Again, in January 2024, the cryptocurrency noticed one other 52% enhance, leaping to $46,831 on the 2.618 Fibonacci degree. More not too long ago, round March Bitcoin witnessed one other 52% worth spike, hitting its present all-time high above $73,000, with its worth dropping barely again down in the direction of $71,000 in May.
Following this historic development, CryptoCon predicts that Bitcoin is gearing up for an additional 52% enhance, probably reaching $109,000, on the 4.618 Fibonacci degree. The analyst emphasised that Bitcoin’s recent price rally had a unique ring to it, hinting at the opportunity of a sustained bull run.
Furthermore, the analyst has confidently said {that a} recession or bear market is unlikely for Bitcoin shortly. He asserts that every one circumstances are aligning completely for 2025 to turn out to be the 12 months of all-time highs.
Bitcoin Price Breaks Through $67,000
Bitcoin not too long ago surpassed the $67,000 mark for the primary time since July, when the hype and demand for Spot Bitcoin ETFs was nonetheless sturdy. The surprising market rebound has generated vital earnings for quite a few short-term Bitcoin holders.
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While the worth of Bitcoin jumped as excessive as $67,820 in some unspecified time in the future previously 48 hours, the value of the cryptocurrency has since stabilized and is at the moment buying and selling at $67,170. CoinMarketCap’s information reveals that previously seven days, Bitcoin has surged by greater than 10%, underscoring traders’ growing interest and demand within the pioneer cryptocurrency.
Additionally, the info has additionally proven that the broader Bitcoin group is 69% bullish whereas solely 31% are bearish. This means that investors’ positive sentiment towards Bitcoin is rising as they could expect extra upcoming worth positive factors.
Featured picture created with Dall.E, chart from Tradingview.com
