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\u2019s 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 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 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<\/p>\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 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 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 Featured image from Shutterstock, chart from Tradingview.com<\/p>\n<\/p><\/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\u2019s 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 […]<\/p>\n","protected":false},"author":2,"featured_media":182247,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-182246","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/182246","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=182246"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/182246\/revisions"}],"predecessor-version":[{"id":182249,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/182246\/revisions\/182249"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/182247"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=182246"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=182246"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=182246"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Bitcoin\u2019s Incoming Phase Could See It Hit $45,000<\/h2>\n
Source: X<\/pre>\n
The Phases In These Cycles\u00a0<\/span><\/h2>\n
![\"Bitcoin](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/Bitcoin-price-2.png?w=460&resize=460%2C288\")
<\/p>\nSource: Matrixport<\/pre>\n
Bitcoin Halving Or Institutional Adoption?<\/h3>\n
<\/p>\n
BTC maintains above $34,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n