“Drawing from Bitcoin’s historical patterns, a crypto analyst boldly predicts a potential surge that could propel Bitcoin to an astonishing $45,000 next month, instilling excitement and anticipation among investors.”
The price of Bitcoin could see a significant rise in the coming months, with some analysts predicting it could reach $45,000 by next month. One popular cryptocurrency analyst used Fibonacci retracement levels to determine this potential rise. The analyst compared the current and past Bitcoin price cycles and found that BTC has the potential to reach the highest target of the Fibonacci model before hitting a mid-cycle peak. The model also suggests that Bitcoin could reach $45,000, which is about 3.3% higher than its recent high of $36,368. However, in order to reach this target, Bitcoin will need to break through two key resistance levels.
Another cryptocurrency analyst, Crypto Jeb, also believes that Bitcoin is set for a significant rally. He predicts that Bitcoin could reach over $70,000 by the end of next year. This bullish outlook is attributed to the actions of BlackRock, the world’s largest asset manager, and the Federal Reserve’s monetary policies.
This positive outlook for Bitcoin is not new. In July, Standard Chartered suggested that Bitcoin could surge to $50,000 this year and breach $120,000 by the end of 2024. The banking giant had previously predicted Bitcoin reaching $100,000 by the end of 2024. Geoff Kendrick, one of Standard Chartered’s leading foreign exchange analysts, has revised this forecast to include a 20% “upside” due to increased miner profitability per BTC. This increase in profitability will reduce the net BTC supply and drive the price of the cryptocurrency higher.
Overall, the future looks bright for Bitcoin as analysts predict significant price increases in the coming months and years. However, it’s important to note that cryptocurrency markets are highly volatile and unpredictable, so these predictions should be taken with caution.