According to cryptocurrency is following its projected path and is expected to reach levels of $47-48,000 soon. According to the analyst‘s model, Bitcoin’s significant rise will take place in 2025.
CryptoCon shared a chart on his personal X (formerly known as Twitter) account, comparing Bitcoin’s current cycle with the 2015-2018 cycle. Using the same chart, the analyst predicted that cryptocurrency would reach its peak in July of this year, followed by a dip in August, and his predictions have come to fruition.
Using the same chart again, CryptoCon indicated that he expects Bitcoin’s price to reach the $47-48,000 levels by the end of this year. Regardless of the price, the analyst predicts that the largest cryptocurrency will reach its second early peak on July 9, 2024.
While explaining his prediction, the analyst said, “As hard as it may be to believe, I think Bitcoin will rise to $47,000 in the near future. Every time the green MVRV zone of 0.37 – 0.65 was breached, Bitcoin directly targeted the mid-cycle peak and will do so again. The mid-cycle peak currently corresponds to 0.786.”
According to CryptoCon’s analysis, BTC’s price will soon reach $47-48,000 levels and will start its journey to $130,000 in the second quarter of 2024, likely in February, after a long period of consolidation. The analyst had predicted in October using Fibonacci MVRV chart analysis that Bitcoin could reach $47,000 by this December or by January 2024. This means that the analyst’s prediction is likely to materialize soon based on current prices.