Analyst Says This Bitcoin Value Rally Has A ‘Completely different Ring To It’, Locations Subsequent Goal At $109,000

A new Bitcoin price target has been set at $109,000, with an analyst predicting that the pioneer cryptocurrency might surge to this projected stage earlier than the top of the 12 months. This bullish forecast comes as Bitcoin experiences new momentum that has pushed its value nicely above $67,000.  

New Bitcoin Goal Set At $109,000

A Bitcoin technical analyst recognized as ‘CryptoCon’ has taken to X (previously Twitter) to unveil his bullish prediction for the Bitcoin price. Whereas many analysts believe that this This autumn is a considerably bullish interval for Bitcoin, CryptoCon confirms this sentiment by forecasting that Bitcoin might see its value reaching $109,000 as early as December 2024.

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Within the analyst’s phrases, “$109,000 is simply the subsequent rung on the ladder for Bitcoin.” This means that the analyst is assured that Bitcoin could hit this new all time high, but in addition has the potential to extend even additional over time.  

Sharing an in depth chart of Bitcoin’s historical price movements, the analyst highlighted intervals when Bitcoin hit new highs, suggesting a attainable correlation in previous bullish developments. In April and July 2023, Bitcoin skilled an enormous 52% surge, pushing its value to $30,362 on the 1.618 Fibonacci retracement stage.

Once more, in January 2024, the cryptocurrency noticed one other 52% enhance, leaping to $46,831 on the 2.618 Fibonacci stage. Extra just lately, round March Bitcoin witnessed one other 52% value spike, hitting its present all-time high above $73,000, with its value dropping barely again down in direction of $71,000 in Might. 

Following this historic development, CryptoCon predicts that Bitcoin is gearing up for an additional 52% enhance, probably reaching $109,000, on the 4.618 Fibonacci stage. The analyst emphasised that Bitcoin’s recent price rally had a special ring to it, hinting at the potential for a sustained bull run. 

Moreover, the analyst has confidently acknowledged {that a} recession or bear market is unlikely for Bitcoin shortly. He asserts that each one situations are aligning completely for 2025 to change into the 12 months of all-time highs. 

Bitcoin Value Breaks Via $67,000

Bitcoin just lately surpassed the $67,000 mark for the primary time since July, when the hype and demand for Spot Bitcoin ETFs was nonetheless robust. The sudden market rebound has generated vital income for quite a few short-term Bitcoin holders. 

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Whereas the worth of Bitcoin jumped as excessive as $67,820 sooner or later up to now 48 hours, the value of the cryptocurrency has since stabilized and is at present buying and selling at $67,170. CoinMarketCap’s knowledge reveals that previously seven days, Bitcoin has surged by greater than 10%, underscoring buyers’ growing interest and demand within the pioneer cryptocurrency. 

Moreover, the info has additionally proven that the broader Bitcoin group is 69% bullish whereas solely 31% are bearish. This means that investors’ positive sentiment towards Bitcoin is rising as they could expect extra upcoming value beneficial properties. 

Featured picture created with Dall.E, chart from Tradingview.com