A new Bitcoin price target of $109,000 has been set, with predictions that the cryptocurrency could reach this level by the end of the year. This target reflects Bitcoin's current momentum that has already pushed its price past $67,000.
The prediction comes from a technical analyst known as 'CryptoCon', who shared his views on social media. Despite a general bullish sentiment among analysts for Bitcoin in Q4, CryptoCon stands out by proposing a potential price peak of $109,000 by December 2024.
The analyst's views are backed by examining Bitcoin's historical highs, pointing at a 52% surge pattern observable in 2023 and early 2024. With Bitcoin's most recent rally surpassing $73,000, CryptoCon suggests another 52% increase could push it to $109,000.
CryptoCon is optimistic about Bitcoin's future, suggesting that a recession or bear market seems unlikely. He believes that 2025 holds potential for achieving new all-time highs for the cryptocurrency.
This optimism is mirrored by the recent breakout above $67,000, partially driven by renewed interest in Spot Bitcoin ETFs. Bitcoin’s surge, stabilizing around $67,170, reflects more than 10% growth over a week, indicating strong investor enthusiasm.
Surveys reflect a 69% bullish sentiment amongst the broader Bitcoin community, highlighting rising positive expectations for further price increases.
