spot_img
HomeBitcoinCrypto Analyst Predicts Bitcoin Price Correction To $26K Before Hitting $130K

Crypto Analyst Predicts Bitcoin Price Correction To $26K Before Hitting $130K

spot_img


In a recent post on X, CryptoCon, a renowned crypto Analyst, shared insights on Bitcoin price prediction in coming years. He reaffirmed his belief that Bitcoin topped at around $45,000 a few weeks ago. Supporting his claim, CryptoCon highlighted the LMACD crossing below the Descending Cycle Mid-Top Trend, indicating a potential for a significant correction of BTC price ranging between 38% and 52%.

Bitcoin Price Pullback

In simpler terms, CryptoCon suggests that Bitcoin is on the verge of a notable pullback, with the correction potentially reaching 38% to 52% from its recent high of nearly $45,000. This implies a correction bottom ranging between $26,000 and $21,500.

Expanding on his viewpoint, CryptoCon emphasized the opportunity this correction presents for investors who missed out on favorable entry points during the “Green Year Accumulation” phase. He sees this potential correction as a chance for investors to enter the Bitcoin market at more accessible prices. However, the 38% to 52% correction from recent highs could result in a shakeout of overleveraged long positions.

Also Read: Bitcoin Price Prediction As New Bearish Pattern Threatens 16% Downside Risk

Furthermore, CryptoCon anticipates that the correction will lead to a sideways period lasting about 5 to 6 months. While predicting possible BTC price corrections, the analyst also mentioned that these declines would come to a halt in May 2024 as he envisions an upward trajectory.

Bitcoin To Hit $130,000 In 2025

CryptoCon went on to highlight the positives in Bitcoin’s performance in the future. He noted that expects Bitcoin to hit a new all-time high in the November-December period in 2025. In the post on X, he wrote, “According to the Halving Cycles Theory, we should expect a true cycle top +/- 21 days from Nov 28th, 2025.” After carefully considering crucial price experiments, he predicted Bitcoin to hit an ATH of $130,000 towards the end of 2025.

However, BTC declines have been extending currently as the largest crypto was trading in the red at press time. The Bitcoin price declined by 0.09% as it traded at $42,709.14. The BTC market cap was recorded at $836.59 billion, down by 0.07%. On the contrary, the 24-hour trade volume surged by 11.26% to $27.53 billion.

In the past month, BTC has registered a significant gain of over 14% after topping at around $45,000. The recent surge was followed by several bearish sessions, which is in accordance with CryptoCon’s prediction.

Also Read: SEC’s Dec 29 Deadline Looms For Spot Bitcoin ETF Applicants

✓ Share:

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Crypto Analyst Predicts Bitcoin Price Correction To $26K Before Hitting $130K svg xml  3Csvg 20xmlns

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

spot_img
spot_img
Must Read
spot_img
Related News
spot_img

LEAVE A REPLY

Please enter your comment!
Please enter your name here