Bitcoin hit a new high in March, topping out at over $73,000. This got everyone talking: was that the peak of this bull run? A crypto analyst, known as “CryptoCon,” thinks there’s still room for Bitcoin to grow.
Decoding Bitcoin’s Price Cycles
CryptoCon uses a technical tool called the RSI Bollinger Band to analyze Bitcoin’s price movements. This tool helps identify key points in a Bitcoin cycle, like when it’s about to hit a peak.
CryptoCon has identified five phases in a Bitcoin cycle:
- Bear Market Breakout: When Bitcoin breaks out of a bear market.
- First Cycle Breakdown Recovery: The initial recovery after a bear market.
- Second Early Top: A temporary peak before the final peak.
- All-Time High Break: The point where Bitcoin breaks through its previous all-time high.
- Cycle Top: The final peak of the cycle.
Bitcoin’s Current Position
According to CryptoCon, Bitcoin has already reached the “second early top” phase. This means it’s unlikely to break through its current all-time high just yet. The big move is expected to happen in the next phase, the “all-time high break.”
The Road Ahead
CryptoCon believes Bitcoin still has two phases left in this cycle. He predicts that Bitcoin could hit its cycle top by April 2025. This could mean Bitcoin will surpass its current all-time high of $73,700.
In short, CryptoCon thinks Bitcoin is still in a strong position to grow. While the recent price dip might seem discouraging, he believes it’s just a temporary setback. Bitcoin could be on its way to even higher highs in the future. /p>
