CryptoCon analysts have predicted the potential rise of Bitcoin to $118K, based on the analysis of historical price cycles and the Pi Cycle Top Indicator.
CryptoCon: Growth Potential to $118K
CryptoCon analysts highlighted that historical Bitcoin price cycles and the Pi Cycle Indicator suggest a growth potential for the cryptocurrency. According to the Pi Cycle Top 350 DMA 2 model, Bitcoin is likely to reach $118,928 in December or January 'red years'. Historical cycles have shown that Bitcoin's price formed a mid-peak that underwent successful testing.
Cautious Behavior of Bitcoin Holders
Analyst Ali studied the actions of Bitcoin's long-term holders through the Net Unrealized Profit/Loss (NUPL) metric. Despite the price increase, holders have shown caution and are not yet displaying signs of 'extreme greed', according to Ali. This sentiment typically leads to mass sell-offs and market tops.
Analysis of Weekly Price Spike
Analyst Axel Adler Jr. noted the recent price increase of Bitcoin by over 25% in the last week. Historically, sharp weekly increases have led to volatility and potential phases of price consolidation. Adler proposes that the current price surge may clear the market, allowing for renewed activity if another surge occurs.
Forecasts indicate a possible rise in Bitcoin to $118K by December or January 2024/25, which is consistent with historical data. However, current holders remain cautious, potentially preventing sharp market downturns.
