The Bitcoin price action in the past 24 hours saw it breaking below the $100,000 price mark again very briefly before breaking above it again. Particularly, Bitcoin’s price action in the past 24 hours has been between $98,839.87 and $105,306, highlighting the potential corrections that could occur as the cryptocurrency continues to edge upwards.
This fluctuation comes amid a broader bull market cycle that analysts like CryptoCon suggest is far from over.
Bitcoin Crash Below $100,000 Not The End
Crypto analyst CryptoCon has been a consistent voice in tracking Bitcoin’s movements using Fibonacci extensions during the current market cycle. Back in August, when Bitcoin was hovering around $60,000, CryptoCon projected a surge to $109,236 by December. This prediction was based on the 0.618 Fibonacci extension and eventually played out with remarkable accuracy.
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Since first breaking above the $100,000 mark on December 5, this price point has proven to be a psychological barrier and there have been multiple retests since then. Despite this back and forth, Bitcoin enthusiasts remain strongly optimistic, and the Crypto Feat And Greed Index remains in Extreme Greed. As such, the correction in the past 24 hours is viewed by CryptoCon as a minor event in a larger narrative.
According to the analyst, Bitcoin’s rise to $109,000 marked just one step in its ongoing journey. The analyst emphasized that corrections, while inevitable, are becoming less significant in the context of the increasingly well-established bull market.
“Corrections are an afterthought. That doesn’t mean they won’t come, it just means they’re not important,” CryptoCon said regarding corrections.
The Next Target: $166,000 By February 2025
Looking ahead, CryptoCon has turned attention toward the 5.618 Fibonacci extension as the next key milestone in Bitcoin’s ongoing bull market. This projection aligns closely with a price target of approximately $162,000. According to the analyst, this ambitious target could materialize as soon as February 2025, given Bitcoin’s current rate of price growth.
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At present, Bitcoin is trading at $101,600. For the cryptocurrency to reach the $162,000 level, it would need to register another 60% increase from its current price point.
CryptoCon does not see the February 2025 target as the conclusion of Bitcoin’s bull run. In fact, the prediction is accompanied by a detailed multi-year chart outlining Bitcoin’s consistent upward trajectory since November 2023. This chart highlights a pattern of steady 52% gains before encountering resistance at Fibonacci extension levels. The path to $162,000 is viewed as one of some price targets before notable corrections.
Interestingly, the analysis also hints at an even loftier price target tied to the 6.618 Fibonacci extension level. If Bitcoin were to reach this extreme milestone, it would translate to a price of around $254,100.
For now, Bitcoin appears ready for a steady continued growth above $100,000, with corrections in between.
Featured image created with Dall.E, chart from Tradingview.com
