The market analyst, on
Bitcoin (BTC) price at ATH: Not a short-term event
Right now, many people are excited about the prospects that the Bitcoin (BTC) price has in store with the US Securities and Exchange Commission (SEC) likely. Approval of the launch of a spot BTC ETFa move that can trigger an immense rise in the price of the leading digital currency.
Despite this probability, CryptoCon believes that an increase in the price of Bitcoin (BTC) may not reach the ATH. He based his prediction on the fact that the coin had crossed the critical zone of the commodity channel. The analyst noted that Bitcoin has peaked within the critical CCI zone, which was evident in a number of examples where the coin experienced a decline of almost 30%.
CryptoCon said that the rise in Bitcoin (BTC) price towards the $45,000 mark recorded in December 2023 is bound to result in a slowdown in the next few months. He believes these cooldowns generally take a long time to resolve.
Regarding the Bitcoin ETF potential, the analyst noted that speculation about this rare product is almost over and many investors remain in a safe zone to wait and see how the price develops. However, CryptoCon believes that Bitcoin price data has made their position clear.
When will Bitcoin ATH come?
In subsequent posts Bitcoin halving.
He noted that Bitcoin (BTC) price could eye the new ATH any time after November 28, 2024. He made a prediction based on the theory of halving cycles, which ultimately shows that the price of Bitcoin began to gain traction months after the halving.
As seen during the last halving in May 2020, Bitcoin did not reach its ATH until November 2021. If the same trend holds out, BTC's ATH could come later, according to CryptoCon's forecast.
However, his forecast contradicts the optimistic predictions of other industry experts and companies Bitwise, this sees the coin rising to $80,000 following the approval and launch of the spot Bitcoin ETF. At the time of writing, the price of Bitcoin is $43,926, up 0.58% in the last 24 hours.
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