Bullish Bitcoin: Expert Cites $123,832 Target Based On Past Trends

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Amidst positive sentiment surrounding the cryptocurrency market, well-known crypto analyst and enthusiast Crypto Con has offered a bullish overview of Bitcoin by identifying historical patterns that indicate that the price of BTC might rise to $123,832 in the upcoming months.

By analyzing past market behavior and trends, the expert has discovered crucial indicators that suggest Bitcoin’s potential to outperform previous highs and reach unprecedented heights. 

Most Accurate Bitcoin Price Bands

Crypto Con’s analysis delves into Bitcoin’s current behavior based on its price bands at several levels, particularly 3 levels, as shown in his chart. According to the analyst, level 3 is currently one of the most precise bands for the crypto asset, which is valued at $91,539. The expert noted that even with consolidation at level 2.5, the repercussions of this development are already becoming apparent. As a result, the major goal for BTC is reaching the level 3 price band.

Related Reading: Bitcoin Price Aims Higher: Bullish Trend Signals New Peaks Ahead

Furthermore, he underscored there has never been a cycle in which the top band of the cycle is not precisely touched, which is valued at $123,832, and this is currently witnessing an increase. Thus, at the conclusion of the Bitcoin parabola, the cycle top band will have its biggest growth.

BTC price bands | Source: Crypto Con on X

A further dive into BTC’s cycle top, Crypto Con has managed to pinpoint the past 2 accurate cycle tops, by employing basic indicators. Specifically, the bottom of the first early top (a yellow dot identified in his chart) in Green Year is when these patterns start.

The lowest points of the trend that have been retested the most often are used by these patterns. However, Bitcoin recently reached the cycle’s line at the $74,000 price level, which is the problem.

With BTC reaching a new all-time high a year ahead of schedule, it has created an unnatural collision with the trend. Due to this, the expert believes that the line this cycle based on BTC’s fast price action will not rule this cycle peak.

So far, Crypto Con claims there will be unprecedented price movement, which will trigger some cycle top measures to break. However, it is still beneficial to pay attention to past trends in order to determine BTC’s price action.

BTC Poised For 6-Figure Price Target

As Bitcoin continues to display resilience, macro strategist Henrik Zeberg has also forecasted a 6-figure target for the digital assets in the coming months. Zeberg claims that the crypto asset is already preparing to enter an upward trend that began on May 20.

As a result, Zeberg anticipates an over 64% increase by the third of this year, putting his target between $110,000 and $115,000. According to the expert, a pattern of highs and lows will serve as a catalyst for the aforementioned price levels.

BTC trading at $68,350 on the 1D chart | Source: BTCUSDT on Tradingview.com

Featured image from iStock, chart from Tradingview.com

Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life. My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world. I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments. When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency. Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets. My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies. Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people – people who make an impact in my life no matter how little it is. One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I’m so good at it. I am also very good at singing, dancing, acting, fashion and others. I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone’s life. I don’t chase illusions, I chase dreams. I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top. I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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