Analyst Says The Party Is Just Getting Started
Cryptocurrency analyst CryptoCon recently referred to Bitcoin’s “golden multiplier ratio,” which he believes paints a very optimistic picture. bitcoin price. Based on this, analysts say that the party has just begun, suggesting that the flagship cryptocurrency may be heading higher.
Bitcoin Golden Ratio Multiplier Shows Price Is Heading Higher
CryptoCon highlighted in the X post how the Bitcoin gold multiplier indicates that the price is rising. He cited Level 5 of the Golden Ratio Multiplier, which he claimed served dual purposes for mid-tops and bike tops. The analyst mentioned that Bitcoin formed a level 5 mid-top in March this year, when its price reached its previous level. All Time High (ATH) $73,000.
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CryptoCon further mentioned that Bitcoin is likely to hit this level again before the end of this market cycle. The analyst added that the Level 5 range has reached $122,000 and is still climbing. In line with this, he stated that the party has just begun, suggesting that Bitcoin’s rally could still go higher and even reach $122,000 goal.
In a previous X post, CryptoCon also used the Magic Band indicator to gain insight into Bitcoin’s price action and its This bull market. He said Bitcoin is racing to reach Level 3 of the Magic Band at $98,720. He added that these ranges will quickly expand to the upside as trading volumes exceed ATH.
Based on this, analysts said bike tops With the current target of $134,000, Bitcoin price could rise by $1,000 per week. CryptoCon said he expects the top of the cycle to occur sometime in late 2025. This means there is plenty of time for the range to expand to higher prices, suggesting that Bitcoin price may be headed higher.
Bitcoin poised to return to local highs
cryptocurrency analyst CrediBULL cryptocurrency stated that as long as the $87,700 level is not breached, Bitcoin price appears set to move towards local highs. The analyst also mentioned that a clear and impulsive break above the local high of $93,800 would take Bitcoin above $100,000, making a drop to $72,000 unlikely before the next bear market.
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However, if this clear and impulsive move does not happen, CrediBull Crypto said it would mean the move is corrective and make a retest of the range more likely. $70,000 and $72,000 Exponentially higher. He hinted that Bitcoin could even fall below $70,000.
According to statistics, as of this writing, Bitcoin price is around $91,200, up nearly 4% in the past 24 hours data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
