{"id":557884,"date":"2023-10-27T12:30:40","date_gmt":"2023-10-27T12:30:40","guid":{"rendered":"https:\/\/www.wncen.com\/?p=557884"},"modified":"2024-06-11T07:05:52","modified_gmt":"2024-06-11T07:05:52","slug":"bitcoin-price-45000-target","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/bitcoin-price-45000-target\/","title":{"rendered":"Bitcoin Price Rally: Analyst Sets $45,000 Target And It’s Closer Than You Think"},"content":{"rendered":"

Bitcoin rallied above $35,000 <\/span><\/a>on the back of the euphoria of the <\/span>possible approval<\/span><\/a> of a Spot Bitcoin ETF. Although the <\/span>rally<\/span><\/a> seems to have cooled off, a particular crypto analyst’s prediction suggests that the bulls could enjoy total dominance soon enough in what will see the <\/span>flagship cryptocurrency rise to $45,000<\/span><\/a>.\u00a0<\/span><\/p>\n

Bitcoin\u2019s Incoming Phase Could See It Hit $45,000<\/h2>\n

In a <\/span>post<\/span><\/a> shared on their X (formerly Twitter) platform, crypto analyst CryptoCon shared his prediction on Bitcoin\u2019s future trajectory. The analyst mentioned that <\/span>Bitcoin<\/span> was currently at the \u201cMid-Cycle phase 4,\u201d which happens to be the period where the crypto token is heading closer to the \u201cCycle Mid-Top,\u201d which currently positions <\/span>Bitcoin to rise above $45,000<\/span><\/a>.\u00a0<\/span><\/p>\n

Related Reading: SEC Demands $700 Million Settlement From Ripple, Pro-XRP Lawyer Reveals Next Steps<\/a><\/div>\n

CryptoCon\u2019s prediction seems to be made based on the <\/span>Fibonacci trading strategy<\/span><\/a>, as evident in the accompanying chart, which he shared in his post. The chart breaks down Bitcoin\u2019s historical price data into four cycles, namely: Cycle 1 (2010-2014), Cycle 2 (2015-2018), Cycle 3 (2019-2022), and Cycle 4 (2023-2026).\u00a0<\/span><\/p>\n

\"Bitcoin<\/p>\n

Source: X<\/pre>\n
The Phases In These Cycles\u00a0<\/span><\/h2>\n
These cycles are further divided into five phases, which CryptoCon seemed to focus more on. These phases include Phase 1 (Cycle Lows), Phase 2 (Transition from Cycle Lows), Phase 3 (First Move out of the Lows), Phase 4 (Transition to Cycle Mid-Top), and Phase 5 ( Cycle Mid-Top).<\/span><\/p>\n
CryptoCon noted that Bitcoin\u2019s price usually hits phase 5 quickly once phase 2 is over (about two <\/span>months<\/span><\/a> after, according to the analyst), and if that is the case once again, then $45,000 could be soon. If that doesn\u2019t happen, he foresees that Bitcoin <\/span>could face resistance<\/span><\/a> at the top of the transition, where it is currently priced at $36,368.<\/span><\/p>\n
As to when all this could happen, he noted that October represents the first month after phase 2 ended. Therefore, the market could see the mid-top phase could happen as soon as November when Bitcoin will likely hit and rise above $45,000.\u00a0<\/span><\/p>\n
Interestingly, CryptoCon\u2019s prediction coincides with that of the crypto platform Matrixport, which estimates that Bitcoin could hit $45,000 between November this year and April 2024. In their <\/span>report<\/span><\/a>, Matrixport goes on to make a bolder claim that Bitcoin could hit $125,000 by December 2024.<\/span><\/p>\n
\"Bitcoin<\/p>\n
Source: Matrixport<\/pre>\n
Bitcoin Halving Or Institutional Adoption?<\/h3>\n
Different crypto analysts have <\/span>continued to make predictions<\/span><\/a> about Bitcoin\u2019s future trajectory even as the Bitcoin Halving draws nearer. Some of these <\/span>analysts have credited<\/span><\/a> the event as the catalyst that will spark the massive surge in Bitcoin\u2019s price. Others believe that the launch of a Spot Bitcoin ETF alongside institutional adoption is what will make <\/span>Bitcoin hit new highs<\/span><\/a>.\u00a0<\/span><\/p>\n
Related Reading: Crypto Analyst Says Bitcoin Is At A High Premium, How To Trade It<\/a><\/div>\n
Meanwhile, some contemplate that the market may already be <\/span>priced in<\/span><\/a> as to any impending approval of a Spot Bitcoin ETF, as this is a classic case of \u201cbuy the rumor, sell the news.\u201d If that is the case, many predict that we could see a decline when the ETFs launch due to massive sell-offs from traders and investors looking to realize their gains.\u00a0<\/span><\/p>\n
\"Bitcoin<\/p>\n
BTC maintains above $34,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from Shutterstock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin rallied above $35,000 on the back of the euphoria of the possible approval of a Spot Bitcoin ETF. Although the rally seems to have cooled off, a particular crypto analyst’s prediction suggests that the bulls could enjoy total dominance soon enough in what will see the flagship cryptocurrency rise to $45,000.\u00a0 Bitcoin\u2019s Incoming Phase Could See It Hit $45,000 In a post shared on their X (formerly Twitter) platform, crypto analyst CryptoCon shared his prediction on Bitcoin\u2019s future trajectory. The analyst mentioned that Bitcoin was currently at the \u201cMid-Cycle phase 4,\u201d which happens to be the period where the crypto token is heading closer to the \u201cCycle Mid-Top,\u201d which currently positions Bitcoin to rise above $45,000.\u00a0 Related Reading: SEC Demands $700 Million Settlement From Ripple, Pro-XRP Lawyer Reveals Next Steps CryptoCon\u2019s prediction seems to be made based on the Fibonacci trading strategy, as evident in the accompanying chart, which he shared in his post. The chart breaks down Bitcoin\u2019s historical price data into four cycles, namely: Cycle 1 (2010-2014), Cycle 2 (2015-2018), Cycle 3 (2019-2022), and Cycle 4 (2023-2026).\u00a0 Source: X The Phases In These Cycles\u00a0 These cycles are further divided into five phases, which CryptoCon seemed to focus more on. These phases include Phase 1 (Cycle Lows), Phase 2 (Transition from Cycle Lows), Phase 3 (First Move out of the Lows), Phase 4 (Transition to Cycle Mid-Top), and Phase 5 ( Cycle Mid-Top). CryptoCon noted that Bitcoin\u2019s price usually hits phase 5 quickly once phase 2 is over (about two months after, according to the analyst), and if that is the case once again, then $45,000 could be soon. If that doesn\u2019t happen, he foresees that Bitcoin could face resistance at the top of the transition, where it is currently priced at $36,368. As to when all this could happen, he noted that October represents the first month after phase 2 ended. Therefore, the market could see the mid-top phase could happen as soon as November when Bitcoin will likely hit and rise above $45,000.\u00a0 Interestingly, CryptoCon\u2019s prediction coincides with that of the crypto platform Matrixport, which estimates that Bitcoin could hit $45,000 between November this year and April 2024. In their report, Matrixport goes on to make a bolder claim that Bitcoin could hit $125,000 by December 2024. Source: Matrixport Bitcoin Halving Or Institutional Adoption? Different crypto analysts have continued to make predictions about Bitcoin\u2019s future trajectory even as the Bitcoin Halving draws nearer. Some of these analysts have credited the event as the catalyst that will spark the massive surge in Bitcoin\u2019s price. Others believe that the launch of a Spot Bitcoin ETF alongside institutional adoption is what will make Bitcoin hit new highs.\u00a0 Related Reading: Crypto Analyst Says Bitcoin Is At A High Premium, How To Trade It Meanwhile, some contemplate that the market may already be priced in as to any impending approval of a Spot Bitcoin ETF, as this is a classic case of \u201cbuy the rumor, sell the news.\u201d If that is the case, many predict that we could see a decline when the ETFs launch due to massive sell-offs from traders and investors looking to realize their gains.\u00a0 BTC maintains above $34,000 | Source: BTCUSD on Tradingview.com Featured image from Shutterstock, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":557889,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,89462,1119,89185,1122,1144,78790],"class_list":["post-557884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-performance","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Price Rally: Analyst Sets $45,000 Target And It's Closer Than You Think<\/title>\n<meta name=\"description\" content=\"Although the rally seems to have cooled off, a crypto analyst's prediction suggests that Bitcoin bulls could enjoy total dominance soon.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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Matherson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g","caption":"Scott Matherson"},"description":"Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/www.wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Rally: Analyst Sets $45,000 Target And It’s Closer Than You Think","url":"http:\/\/www.wncen.com\/news\/bitcoin-price-45000-target\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.wncen.com\/news\/bitcoin-price-45000-target\/"},"thumbnailUrl":"https:\/\/www.wncen.com\/wp-content\/uploads\/2023\/10\/shutterstock_1922248997-Small-1.jpeg?resize=200%2C180","image":{"@type":"ImageObject","url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2023\/10\/shutterstock_1922248997-Small-1.jpeg?fit=320%2C180"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","bitcoin price performance","btc","btc news","btc price","btcusd","btcusdt"],"dateCreated":"2023-10-27T12:30:40Z","datePublished":"2023-10-27T12:30:40Z","dateModified":"2024-06-11T07:05:52Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Rally: Analyst Sets $45,000 Target And It’s Closer Than You Think\",\"url\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/bitcoin-price-45000-target\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/bitcoin-price-45000-target\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/shutterstock_1922248997-Small-1.jpeg?resize=200%2C180\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/shutterstock_1922248997-Small-1.jpeg?fit=320%2C180\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"bitcoin price performance\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2023-10-27T12:30:40Z\",\"datePublished\":\"2023-10-27T12:30:40Z\",\"dateModified\":\"2024-06-11T07:05:52Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2023\/10\/shutterstock_1922248997-Small-1.jpeg?fit=320%2C180","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/557884"}],"collection":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/comments?post=557884"}],"version-history":[{"count":0,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/557884\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media\/557889"}],"wp:attachment":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media?parent=557884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/categories?post=557884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/tags?post=557884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}