Bitcoin Price Could Hit $45,000 in November, Says Analyst
A popular analyst known as CryptoCon believes that Bitcoin (BTC) has the potential to reach $45,000 next month. In a recent Twitter thread, the analyst discussed a price model based on Fibonacci retracement levels. Despite the recent surge in BTC price, CryptoCon argues that there is still room for further growth based on previous price cycles.
Bitcoin Still Has Upside Potential
According to CryptoCon’s analysis, Bitcoin is currently in phase four of its price cycle, and historically, it takes about two months after phase two ends for the cycle to reach its mid-top. With phase one coming to a close soon, November could mark the completion of the mid-top and potentially push the price above $45,000.
Key Resistance Levels to Watch
In order for the $45,000 target to become a reality, Bitcoin bulls need to overcome two key resistance levels around $36,400. Clearing these levels would pave the way for further upward movement.
Different Behavior in 2023 Cycle
Another trader and analyst named Rekt Capital has noted that Bitcoin’s current price behavior is different from previous cycles. Typically, at this stage of the four-year pattern, BTC would be testing support rather than resistance. Rekt Capital suggests that any significant pullback in price could present a buying opportunity within the cycle.
Hot Take: Bitcoin’s November Rally Holds Promise
Based on analysis from CryptoCon and Rekt Capital, there is optimism surrounding Bitcoin’s price performance in November. The potential for BTC to reach $45,000 next month indicates that the cryptocurrency market may continue its bullish trend. However, it remains essential to monitor key resistance levels and any significant pullbacks that may present long-term buying opportunities within the cycle.
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