Despite the recent price drop, Bitcoin remains in the game, with support holding strong above $67,000. Bullish sentiment is still high, with investors anticipating a significant price jump.
Magic Bands Analysis
Crypto analyst CryptoCon believes Bitcoin has more room to grow before reaching its peak. According to his “Magic Bands” analysis, the cryptocurrency has yet to complete Level 3 of the bands.
In previous bull cycles, the Magic Bands have been fully completed before the price peaked. The current cycle is only at Level 2.5, indicating that there’s still potential for growth.
Level 3: A 35% Surge
The next major level, Level 3, typically brings a surge in price. If Bitcoin breaks the resistance at Level 2.5, CryptoCon predicts a 35% jump to $91,500 sometime in 2024.
Cycle Top: Beyond $123,000
CryptoCon’s analysis suggests that the Bitcoin cycle top is still far away. Even after reaching Level 3, there’s still Level 4 to go, which usually marks the peak.
After hitting $91,500 at Level 3, Bitcoin could consolidate before completing Level 4. CryptoCon expects the price to exceed $123,000 before the cycle top.
Current Price Action
Currently, Bitcoin is being supported by bulls, despite recent selling pressure. Despite a 4.3% drop in the past week, it’s still trading above $67,000.
