With the arrival of October, Bitcoin focused on the $28,000 resistance level and finally closed above this level on the evening of October 16. At the time of writing, Bitcoin is trading at $28,471 and notable analyses have emerged. According to multiple analytical models, Bitcoin is expected to reach $128,000 by the end of 2025. Famous investor CryptoCon has also revealed his two-year target of $130,000.
A Single Target for the Price Cycle
Market participants are divided on how Bitcoin will react to the halving event expected to take place in April 2024. However, according to popular analyst CryptoCon, Bitcoin has brighter days ahead in its long-term roadmap.
In an update to the models prepared based on Bitcoin price cycles, the analyst argued that the $130,000 level is not impossible and stated the following:
“I have been conducting numerous Bitcoin cycle analyses recently and I constantly see the same price range. According to my analyses, $130,000.”
In a chart shared in a post he made on X, attention is drawn to the cycle peak, which is referred to as the early peak in every Bitcoin price cycle and forms the all-time high.
The famous analyst stated that early peaks occur around both sides of July 9 with three-week periods on average. The all-time high, on the other hand, occurs with three-week intervals around both sides of November 28. The timing of these price cycles comes from drawing simple diagonal trend lines since the first early peak.
Notable Process in the Halving Cycle
The halving event that occurs every four years in Bitcoin continues to guide many renowned analysts. Among these analysts, Rekt Capital points out that it could bring new local lows before the bull market of 2023 reaches full strength.
He previously warned that the $32,000 high seen earlier this year could form a double top structure to help ignite the next prolonged Bitcoin price decline before the halving event and shared the following comment in his latest X post:
“At this same point in the cycle (180 days before the halving event), Bitcoin retraced 25% between 2015 and 2016 and 38% in 2019. The only question is: is history repeating itself? Or will 2023 create something completely different?”
