Crypto News- The provided information appears to be a summary of a cryptocurrency market analysis by an analyst referred to as CryptoCon. In this analysis, the following key points were highlighted:
Bitcoin Price Model Anticipates a 45K Dollars ‘Phase’ to Occur in November
Bitcoin Price Projection: According to CryptoCon, there is an expectation that Bitcoin (BTC) may reach $45,000 in November. This projection is based on a traditional BTC price cycle, and the analyst views this as a “possible” scenario.
Fibonacci Retracement Levels: CryptoCon’s assessment is grounded in the application of Fibonacci retracement levels, which are a common tool in technical analysis used to identify potential support and resistance levels in financial markets.
Mid-Cycle Top: The analysis suggests that Bitcoin is presently in a mid-cycle phase, and there is still room for BTC/USD to advance to the highest of the five targets defined by the Fibonacci model. Four of these targets have already been achieved, with the fourth target being approximately 3.3% higher than the recent high of $36,368.
November Deadline: November is regarded as a deadline for the completion of the next phase in Bitcoin’s price cycle. Historically, it takes approximately two months after the conclusion of phase 2 to reach the mid-cycle top. Given that phase 4 is nearing its conclusion, it’s possible that the mid-top could be achieved as early as November.
Key Resistance Levels: In order to attain the $45,000 target, Bitcoin bulls will need to overcome two significant resistance levels, both situated at around $36,400.
Different Market Behavior: Another analyst, Rekt Capital, has pointed out that the current behavior of the Bitcoin market in 2023 appears to be significantly different from previous cycles. Typically, in the four-year pattern, Bitcoin would be testing support at this stage, but it is behaving differently in the current cycle, as noted by this analysis.
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