According to cryptocurrency analyst and Bitcoin advocate, CryptoCon, the leading cryptocurrency is following its charted path. The analyst’s model indicates that Bitcoin will soon reach between 47 – 48 thousand dollars and its major surge will occur in 2025.
Bitcoin Expected to Reach 47-48 Thousand Dollars in the Short Term
Experienced crypto analyst, CryptoCon, shared a chart on his personal X (formerly known as Twitter) account, where the current cycle of Bitcoin is compared to the 2015-2018 cycle. Using the same chart, the analyst had predicted that the crypto king would reach its highest level of the year in July of this year, and then hit rock bottom in August, with these forecasts being realized with full consistency.
CryptoCon, again using the same chart, stated that he expects Bitcoin’s price to reach 47-48 thousand dollars by the end of this year. Regardless of the price, the analyst predicts that around July 9, 2024, the largest cryptocurrency will reach its second early peak. Elaborating on his prediction, he said:
It sounds hard to believe, but I think there’s a chance that Bitcoin will rise to 47 thousand dollars in the near future. In all cycles, when the green 0.37 – 0.65 area in the MVRV is broken, Bitcoin has directly targeted the mid-peak of the cycle. It will target again. The mid-peak currently corresponds to 0.786.
The Ultimate Target Level for BTC is 130 Thousand Dollars, According to the Analyst
According to CryptoCon’s analysis, BTC‘s price will soon reach levels of 47 – 48 thousand dollars and in the second quarter of 2024, likely in February, after a long period of consolidation, it will start its journey to 130 thousand dollars:
47 – 48 thousand dollars can be reached very soon. The cycles continue to work. In early 2024, probably in February, I expect a long period of sideways movement to begin. I predict the peak of the cycle will be seen in December 2025 with 130 thousand dollars.
The analyst had predicted in October using the Fibonacci MVRV graph analysis that Bitcoin could reach 47 thousand dollars by December this year or by January 2024. This means that the realization of the analyst’s prediction is just around the corner, based on current prices.