A crypto analyst, CryptoCon, thinks Bitcoin is about to hit a new high. They’re using a fancy technical indicator called the Fibonacci extension, and it’s predicting Bitcoin will reach $109,000 by the end of the year.
The Fibonacci Extension: A Magical Indicator?
CryptoCon claims this indicator has always been right about Bitcoin’s price peaks in this bull market. They’re saying that Bitcoin has been hitting local highs one month ahead of the same highs in 2023. If this trend continues, the next peak could happen in December.
Bitcoin’s Bull Run: Is $109,000 Just the Beginning?
While $109,000 sounds like a lot, CryptoCon believes it’s just a stepping stone. They think Bitcoin’s bull run still has a long way to go, potentially lasting for over a year.
Other analysts agree that Bitcoin is on its way up. Standard Chartered’s Geoffrey Kendrick thinks Bitcoin could hit $100,000 before the US elections in November, and even reach $150,000 by the end of the year if Trump wins.
The Big Picture: $250,000 and Beyond?
Some analysts are even more bullish, predicting even higher prices. Michael van de Poppe thinks Bitcoin could hit $250,000 in this cycle. He believes the recent price consolidation around $60,000 is just a pause before a massive surge.
Cryptoquant CEO Ki Young Ju is even more optimistic, predicting a market top of $265,000. He’s basing this prediction on a technical indicator called the Hashrate/Market Cap ratio.
Bitcoin’s Current Situation
Right now, Bitcoin is trading around $58,600, down slightly in the last 24 hours. But with all these analysts predicting big gains, it seems like Bitcoin’s bull run is far from over.
