Historical Trends and Indicators
Crypto Con, a crypto analyst, has analyzed historical data to predict when Bitcoin might reach its peak in the current bull cycle. Based on the Stochastic Momentum Index (SMI) Ergodic Indicator, Bitcoin is currently where it should be in the cycle, with plenty of room for growth.
Estimated Peak Timing
Crypto Con believes Bitcoin’s peak will occur between January and February 2025, about a year from the cycle’s peaks. However, December 2024 is the analyst’s focus, which is expected to be the cycle’s top month at the current rate.
Price Target and Fibonacci Extension
Crypto Con previously predicted Bitcoin to reach $149,000 by the end of 2023. Using Fibonacci Extensions, he estimates that Bitcoin’s peak price this cycle could be around $159,128.
Price Consolidation and Volatility
The analyst highlights a new development in this cycle: price consolidation. As volatility decreases, this consolidation is expected to continue.
Current Market Status
At the time of writing, Bitcoin is gaining momentum towards $70,000, with a 5% increase in the past week. Its market cap and trading volume have decreased slightly in the past 24 hours.
