Despite the price crash after rising to $69,000, the Bitcoin worth stays within the sport, with bulls persevering with to carry up the assist above $67,000. Bullish sentiment also continues to prevail, with the market nonetheless being pretty grasping amid expectations that the pioneer cryptocurrency is gearing up for a major worth soar from right here.
Bitcoin Can Still Make A 35% Jump
Crypto analyst CryptoCon has revealed that Bitcoin nonetheless has a methods to go earlier than the cycle high is in. In the evaluation posted on X (previously Twitter), the crypto analyst revealed that the digital asset is but to achieve Level 3 of the Magic Bands, so the highest just isn’t in but.
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The analyst factors to earlier bull cycles the place the Magic Bands had been totally accomplished earlier than the highest was lastly in. For the entire band to be accomplished, there are 4 ranges in complete. However, the present cycle continues to be solely within the 2.5 degree, which suggests there’s nonetheless a methods to go.
The subsequent main degree from right here is the Level 3 Magic Band, which often comes with a surge in worth. Following the completion of the Level 2 that noticed the value attain a brand new all-time excessive above $72,300, the cryptocurrency is now testing the resistance on the Level 2.5, the place a break is required.
If the Bitcoin price is ready to break this resistance, the crypto analyst sees a 35% surge to $91,500 someday in 2024. “Taking some time to reach it at Level 3 of the Magic bands, but it’s the next step,” the crypto analyst acknowledged.
$91,539 goal left untouched and unchanged for #Bitcoin.
Taking a while to achieve it at Level 3 of the Magic bands nevertheless it’s the following step.
All in due time… pic.twitter.com/Pwimj05ZQb
— CryptoCon (@CryptoCon_) June 12, 2024
When Will The BTC Price Top?
Using CryptoCon’s Magic Bands evaluation, it’s doable that the Bitcoin cycle high continues to be distant. As the crypto analyst reveals, even after hitting the Level 3 magic band, there’s nonetheless Level 4 left to go, which is what often marks the cycle high.
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This means after hitting $91,500 on the high of Level 3, there may very well be consolidation earlier than the Level 4 Magic Band is accomplished. When this occurs, the crypto analyst expects the BTC price to truly contact above $123,000 earlier than the cycle high is in.
If CryptoCon’s analyst is something to go purchase, then Bitcoin nonetheless has one other 100% transfer from from its present worth earlier than the bull market is over. The cycle high is anticipated to hit someday round 2026, in keeping with the analyst.
Presently, the BTC price is still being held up by bulls who’ve continued to endure an onslaught from sellers. Despite falling 4.3% within the final week, it’s nonetheless buying and selling at $67,900 on the time of this writing.
