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If Uptober continues this way, it will truly meet expectations. Investors who anticipated a rise for October were not disappointed, enjoying gains of over 100% in many cryptocurrencies. Those who were cautious and expected further decline were left out, just like after the unexpected rally that started post the dip in 2020.
Popular cryptocurrency commentator, CryptoCon, predicts the Bitcoin price to reach $45,000 as part of its price cycle next month. The Bitcoin price model developer drew attention to a model based on Fibonacci retracement levels in a recent post.
November Crypto Predictions
So, on what basis does the analyst who predicts a rise to $45,000 for BTC make this claim? The analyst, comparing BTC’s current price movement with previous cycles, expects a mid-cycle peak by expanding to the highest of the five targets of the Fibonacci model.
The fourth target is $36,368, and the current price isn’t too far from this level. There are stages called “phases” between these peaks, and according to the analyst’s prediction, the fifth target of $45,000 seems to be expected by the end of November.
“The transition to the mid-peak of the cycle usually occurs about 2 months after the end of the 2nd phase. Since our first month in Phase 4 is about to end, the middle phase may complete in November. So, BTC could be $45,000 in November.”
If the BTC price can reach $45,000 and establishes a solid foundation at this point, we might see gains in altcoins of 2x, with some exceptions possibly reaching up to 20x. If BTC exhibits such a massive positive divergence amidst global uncertainties, this could pave the way for a new demand surge towards the all-time high region.
Of course, no analyst, including CryptoCon, can see the future, and BTC doesn’t necessarily have to reach $45,000 next month. Prices in speculative markets, shaped by demand and sentiment, are full of surprises.
