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Bitcoin‘s upward trend has attracted the attention of an analyst following its strong performance over the past few weeks. The analyst, known as CryptoCon, believes that the recent momentum in Bitcoin‘s rise may not continue. He points out that technical indicators do not support the current excitement and that prices may encounter resistance.
CryptoCon Suggests Key Levels for Bitcoin’s Price
Debate continues over whether Bitcoin will surpass the $70,000 mark and even reach $100,000 in the coming weeks. However, according to analyst CryptoCon’s assessment, when examining Bitcoin’s logarithmic curve, the rise could be challenging, and surpassing certain price levels may take time.
According to the analyst, there is skepticism around the current excitement of the upward trend, and technical formations suggest a contrary view. Many in the industry believe that Bitcoin will not only surpass the nearly tested round number of $70,000 this week but will also rise to $100,000 in the next few weeks.
Price May Move Within This Range
The analyst, sharing his views on platform X, continues to be confident about the expectations for the cryptocurrency. However, based on the Bitcoin logarithmic curve assessment, the rise is likely to be challenging. The analyst compares current price formations with Bitcoin logarithmic curves, a tool used to determine price peaks in 2021.
Based on the analysis, if BTC peaks in 2024, prices are likely to fluctuate between $77,000 and $149,000. These potential peak upper and lower bands represent the 5th and 7th layers of the logarithmic curve. However, taking into account a one-year slowdown in growth, the projected peak has been revised downward from $180,000 to $149,000.
During the analysis, the “red band” of the logarithmic curve was breached earlier than usual. Looking back, Bitcoin prices tend to peak three months after such a breach. This places the cryptocurrency Bitcoin’s peak point at around $77,000, but below $100,000. Of course, considering the volatile nature of prices and the dynamic structure of fundamental factors, this is hard to predict.
Lower prices are encouraging issuers to load up on Bitcoin exchange-traded funds (ETFs) during downturns. Their actions have increased demand over the past few weeks, boosting sentiment and prices. According to Coinstats’ Fear and Greed Index, there is “extreme greed” in the market.
