ONE new Bitcoin price target was set at $109,000, with one analyst predicting that the pioneering cryptocurrency could reach that projected level before the end of the year. This bullish prediction comes as Bitcoin experiences new momentum that has pushed its price well above $67,000.
New Bitcoin Target Set at $109,000
A Bitcoin technical analyst identified as ‘CryptoCon’ took to X (formerly Twitter) to reveal your high Bitcoin price prediction. Although many analysts to believe Although this fourth quarter is a significantly bullish period for Bitcoin, CryptoCon confirms this sentiment by predicting that the price of Bitcoin could reach $109,000 as early as December 2024.
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In the analyst’s words, “$109,000 is just the next rung on the Bitcoin ladder.” This suggests that the analyst is confident that Bitcoin could reach this new all-time highbut it also has the potential to increase further over time.
Sharing a detailed chart of Historical Bitcoin Price Movementsthe analyst highlighted periods when Bitcoin reached new highs, suggesting a possible correlation in previous uptrends. In April and July 2023, Bitcoin experienced a massive 52% increase, pushing its price to $30,362 at the 1.618 Fibonacci retracement level.
Again, in January 2024, the cryptocurrency saw another 52% increase, jumping to $46,831 at the 2.618 Fibonacci level. Most recently, around March, Bitcoin witnessed another 52% increase in price, reaching its current value all time high above $73,000, with its price falling slightly to $71,000 in May.
Following this historical trend, CryptoCon predicts that Bitcoin is preparing for another 52% rise, potentially reaching $109,000, at the 4.618 Fibonacci level. The analyst emphasized that The recent rise in Bitcoin prices had a different meaning, suggesting the possibility of a sustained bull run.
Furthermore, the analyst confidently stated that a recession or bear market is unlikely for Bitcoin anytime soon. He claims that all the conditions are lining up perfectly for 2025 to become the year of all-time highs.
Bitcoin Price Surpasses $67,000
Bitcoin recently surpassed the $67,000 mark for the first time since July as enthusiasm and demand for Spot Bitcoin ETFs was still strong. The unexpected market recovery generated significant profits for numerous short-term Bitcoin holders.
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Although Bitcoin’s value rose to $67,820 sometime in the last 48 hours, the cryptocurrency’s price has since stabilized and is currently trading at $67,170. Data from CoinMarketCap reveals that in the last seven days, Bitcoin has risen more than 10%, highlighting investors’ concerns. growing interest and demand in the pioneering cryptocurrency.
Furthermore, the data also showed that the broader Bitcoin community is 69% optimistic, while only 31% is pessimistic. This suggests that positive investor sentiment towards Bitcoin is increasing as they may be expecting more future price gains.
Featured image created with Dall.E, chart from Tradingview.com