Legendary Fibonacci Extension Reveals When Bitcoin Will Reach $109,000
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Crypto analyst CryptoCon highlights a technical indicator, the Fibonacci extension, which has accurately predicted Bitcoin's local highs in the current bull run. The analyst forecasts Bitcoin will reach $109,000 by December 2024 if the '1-month-behind 2023' trend persists. The prediction aligns with other analysts who foresee Bitcoin surpassing $100,000 soon. Standard Chartered's Geoffrey Kendrick even suggests Bitcoin could rise to $150,000 if Trump wins the U.S. presidential election.
CryptoCon believes Bitcoin still has over a year of bull market left, supported by the 3-week Fibonacci Channel RSI. Analyst Rekt Capital echoes this sentiment, predicting the market top to occur in 2025. Michael van de Poppe suggests a potential peak of $250,000 in this cycle, while Cryptoquant CEO Ki Young Ju predicts up to $265,000 based on the Hashrate/Market Cap ratio.
At present, Bitcoin trades at approximately $58,600, experiencing a 3% drop in the last 24 hours according to CoinMarketCap data.
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