Bitcoin Price Crash Below $100,000 Not The End As Analyst Predicts Another 52% Jump
Over the past 24 hours, Bitcoin price action briefly breached the $100,000 price mark again before breaking through that level again. In particular, Bitcoin’s price action over the past 24 hours has ranged between $98,839.87 and $105,306, highlighting the potential correction that could occur as the cryptocurrency continues to rise.
This fluctuation is in The broader bull cycle Analysts like CryptoCon believe the situation is far from over.
Bitcoin falling below $100,000 is not the end
Cryptocurrency analyst CryptoCon has been a consistent voice in tracking Bitcoin’s movements using Fibonacci extensions during the current market cycle. Back in August, While Bitcoin is hovering around $60,000, CryptoCon predicts it will surge to $109,236 by December. The prediction was based on the 0.618 Fibonacci extension line, which ultimately came true with astonishing accuracy.
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Since first crossing the $100,000 mark on December 5, this price point has proven to be a psychological barrier and has emerged Retested several times since then. Despite this, Bitcoin enthusiasts remain extremely optimistic, with the cryptocurrency feat and the Greed Index still in a state of extreme greed. As such, CryptoCon views the corrections over the past 24 hours as a minor event in a larger narrative.
Analysts say Bitcoin’s rise to $109,000 marks a Just one step on its ongoing journey. The analyst stressed that corrections, while inevitable, are becoming less important as the bull market matures.
“Correction is an afterthought. It doesn’t mean they won’t come, it just means they don’t matter.” say about corrections.
Next goal: $166,000 by February 2025
Looking ahead, CryptoCon turns its attention to the 5.618 Fibonacci extension as the next key milestone in Bitcoin’s ongoing bull run. this Projections are closely aligned The target price is approximately $162,000. The analyst said that given Bitcoin’s current price growth rate, this ambitious goal could be achieved as early as February 2025.
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Currently, Bitcoin is trading at $101,600. For the cryptocurrency to reach $162,000 levels, it would need to rise another 60% from current prices.
CryptoCon does not believe that the February 2025 target is the end of the Bitcoin bull run. In fact, the prediction comes with a detailed multi-year chart outlining Bitcoin’s continued upward trajectory since November 2023. The chart highlights a pattern of a steady 52% rise before hitting resistance at Fibonacci extension levels. The $162,000 path is seen as one of a number of price targets before a significant correction.
Interestingly, the analysis also hints at higher price targets related to the 6.618 Fibonacci extension level. If Bitcoin reaches this extreme milestone, it will translate into Price is approximately $254,100.
Currently, Bitcoin appears poised for steady and sustained growth above $100,000 and corrections in between.
Featured image created using Dall.E, chart from Tradingview.com
