As the cryptocurrency market continues to witness heightened optimism and confidence from investors, Crypto Con, a popular crypto analyst, and enthusiast has predicted the timeline for Bitcoin to reach its peak in the ongoing bull cycle, based on past BTC runs and their cumulative peaks.
Bitcoin Peak To Happen Less Than A Year
By analyzing historical data, Crypto Con has identified trends that might pinpoint the time the largest cryptocurrency asset by market reaches its highest point in this cycle. According to the expert, the Stochastic Momentum Index (SMI) Ergodic Indicator shows that Bitcoin is exactly where it should be in the current bull cycle.
At this point, Crypto Con believes there is still a lot of room for growth in the upcoming days. Thus, BTC’s current position, which is around a year from cycle peaks, places this cycle’s peak between January and February of 2025. However, December 2024 remains the analyst’s focus, which, at the current rate, is expected to be the cycle’s top month.
Crypto Con further hinted at the recent recovery from a perfectly healthy correction observed in the crypto market as a potential catalyst to drive the price of Bitcoin higher.
The post read:
The SMI tells us that Bitcoin is right where it should be in the cycle, with much more room for growth. Our current position lines up at about 1 year from cycle tops, which would make this cycle’s top in Jan – Feb 2025. My eye is still on December 2024, a likely cycle top month at our current rate.
Given that the analyst previously predicted BTC to reach $149,000 by the end of the year, it could mean the expert expects the asset to top out at the level by December. “Bitcoin is still on track for a layer 7 price target of $149,000 by the end of this year,” he stated.
Crypto Con’s prediction is in line with the most precise measurements for Log Regression Curves and the cycle tops in 2021. By then, the more cautious layer 6, which is the layer that denoted the 2013 cycle top, aims to reach the $108,000 level.
During the prediction, the expert highlighted a price consolidation, which is a new development in this cycle. However, as volatility decreases, this consolidation is accurate.
Determining BTC’s Peak Through Fibonacci Extension
Crypto Con has also utilized the Fibonacci Extensions to determine the Bitcoin price peak this cycle. According to cycle retraces highlighted in his chart, the first two cycles approached the 2.618 extension quite closely, while the last struck the 1.618 extension.
On the possibility that the 1.618 point will repeat itself this cycle, BTC’s price will be at $159,128. “This is one of the many perspectives to be balanced in the basket of possibilities, and I would consider this estimate to be on the optimistic for this cycle,” he added.
At the time of writing, Bitcoin is slowly gaining momentum toward $70,000, indicating a 5% increase in the past week. Its market cap is down by 0.25%, while its trading volume is down by 12% in the past 24 hours.
Featured image from iStock, chart from Tradingview.com
From: coingape
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