Crypto analyst CryptoCon has recently pointed out a technical indicator that has consistently predicted local highs for Bitcoin in the current bull run. According to CryptoCon, the Bitcoin Fibonacci extension is expected to propel the cryptocurrency to over $100,000, specifically reaching $109,236. This surge could potentially occur by the end of the year, assuming the “1-month-behind 2023” trend persists. The analyst’s analysis indicates that Bitcoin’s recent local peak may signal a forthcoming local top, possibly in December.
Industry Expert Predictions
Several industry experts, including Standard Chartered’s Head of Digital Assets Research Geoffrey Kendrick, have also forecasted Bitcoin’s ascent to $100,000 and beyond. Kendrick even proposed that Bitcoin could hit $150,000 by the end of the year if certain political events unfold in a particular manner. However, CryptoCon believes that a rise to $109,000 might not signify the ultimate market peak for Bitcoin, given the cryptocurrency’s continued upward trajectory in this bull run.
Extended Bull Run Outlook
CryptoCon’s analysis aligns with other analysts such as Rekt Capital, who anticipate that Bitcoin’s market peak may not materialize until late 2025. Additionally, analyst Michael van de Poppe has raised the possibility of Bitcoin surging to $250,000 during this market cycle. He suggests that the monthly candle closing around $60,000 could serve as a consolidation phase before a significant breakout leading to the $250,000 mark. Despite these optimistic projections, Cryptoquant CEO Ki Young Ju has even predicted a higher market top of $265,000 for Bitcoin.
As the cryptocurrency market continues to evolve and attract more attention from institutional investors and retail traders alike, the future of Bitcoin remains a topic of hot debate among analysts. While some foresee Bitcoin reaching new heights of $100,000, $150,000, or even $250,000 by the end of the year, others believe that the cryptocurrency’s bull run may extend well into the next few years. It is essential for investors to consider various expert opinions and technical indicators when making investment decisions in such a volatile market.
