Analyst Says This Bitcoin Price Rally Has A ‘Different Ring To It’, Places Next Target At $109,000

2 hours ago

A new Bitcoin terms target has been acceptable astatine $109,000, with an expert predicting that the pioneer cryptocurrency could surge to this projected level earlier the extremity of the year. This bullish forecast comes arsenic Bitcoin experiences caller momentum that has pushed its terms good supra $67,000.

New Bitcoin Target Set At $109,000

A Bitcoin method expert identified arsenic ‘CryptoCon’ has taken to X (formerly Twitter) to unveil his bullish prediction for the Bitcoin price. While galore analysts believe that this Q4 is simply a importantly bullish play for Bitcoin, CryptoCon confirms this sentiment by forecasting that Bitcoin could spot its terms reaching $109,000 arsenic aboriginal arsenic December 2024.

In the analyst’s words, “$109,000 is conscionable the adjacent rung connected the ladder for Bitcoin.” This suggests that the expert is assured that Bitcoin could deed this caller each clip high, but besides has the imaginable to summation adjacent further implicit time.

Sharing a elaborate illustration of Bitcoin’s humanities terms movements, the expert highlighted periods erstwhile Bitcoin deed caller highs, suggesting a imaginable correlation successful past bullish trends. In April and July 2023, Bitcoin experienced a monolithic 52% surge, pushing its terms to $30,362 astatine the 1.618 Fibonacci retracement level.

Again, successful January 2024, the cryptocurrency saw different 52% increase, jumping to $46,831 astatine the 2.618 Fibonacci level. More recently, astir March Bitcoin witnessed different 52% terms spike, hitting its existent all-time high supra $73,000, with its terms dropping somewhat backmost down towards $71,000 successful May.

Following this humanities trend, CryptoCon predicts that Bitcoin is gearing up for different 52% increase, perchance reaching $109,000, astatine the 4.618 Fibonacci level. The expert emphasized that Bitcoin’s caller terms rally had a antithetic ringing to it, hinting astatine the anticipation of a sustained bull run.

Furthermore, the expert has confidently stated that a recession or bear market is improbable for Bitcoin shortly. He asserts that each conditions are aligning perfectly for 2025 to go the twelvemonth of all-time highs.

Bitcoin Price Breaks Through $67,000

Bitcoin precocious surpassed the $67,000 people for the archetypal clip since July, erstwhile the hype and request for Spot Bitcoin ETFs was inactive strong. The unexpected marketplace rebound has generated important profits for galore short-term Bitcoin holders.

While the worth of Bitcoin jumped arsenic precocious arsenic $67,820 astatine immoderate constituent successful the past 48 hours, the terms of the cryptocurrency has since stabilized and is presently trading astatine $67,170. CoinMarketCap’s information reveals that successful the past 7 days, Bitcoin has surged by much than 10%, underscoring investors’ growing involvement and demand successful the pioneer cryptocurrency.

Additionally, the information has besides shown that the broader Bitcoin assemblage is 69% bullish portion lone 31% are bearish. This suggests that investors’ affirmative sentiment towards Bitcoin is rising arsenic they whitethorn beryllium expecting much upcoming terms gains.