Bitcoin Price Not Expected to Reach ATH Soon, Says Analyst
Many people are excited about the potential for Bitcoin’s price to reach its All-Time High (ATH) with the possible approval of a spot BTC ETF by the SEC. However, market analyst CryptoCon has a different perspective. He believes that even if Bitcoin’s price soars, it may not touch the ATH. CryptoCon bases this forecast on the fact that Bitcoin has crossed above the Commodity Channel Critical Zone, which has historically led to a 30% decline in price. He points out that Bitcoin formed a pinnacle inside the CCI Critical Zone before a similar decline occurred in December 2023.
Predicting the Next Bitcoin ATH
CryptoCon was questioned by members of the Bitcoin community about when they can expect the next ATH after ETF approval and Bitcoin halving. He responded by saying that Bitcoin’s price may start eyeing a new ATH after November 28, 2024. This projection is based on the Halving Cycles Theory, which suggests that Bitcoin’s price gains momentum months after halving events. For example, in the last halving in May 2020, Bitcoin didn’t reach its ATH until November 2021. This contradicts bullish calls from other experts and firms like Bitwise, who predict a jump to $80,000 after ETF approval.
Hot Take: Uncertain Future for Bitcoin’s ATH
While many are hopeful for Bitcoin to break its ATH soon, CryptoCon’s analysis suggests otherwise. He believes that despite potential catalysts like ETF approval and halving events, Bitcoin’s price may not reach new highs anytime soon. This contrasting viewpoint adds uncertainty to the future of Bitcoin’s price trajectory and raises questions about market expectations.
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