Bitcoin (BTC), the largest cryptocurrency in the market, has experienced a notable decrease as the excitement surrounding exchange-traded funds (ETFs) has faded, leading to a 9% decline over the last two weeks. However, Glassnode co-founders are optimistic, suggesting that the recent price corrections follow historical patterns and may propel Bitcoin to new heights, potentially doubling its current all-time high (ATH) of $69,000.
This recent analysis examines Bitcoin’s movement to the 6.618 Fibonacci Extension after a Bull Flag Correction, drawing parallels to market conditions observed in late 2017 and 2020. The question arises whether Bitcoin will reach its 6.618 Fibonacci Extension of approximately $120,000 during this bullish market, setting a target for 2024.
As shown in the chart above, Glassnode’s analysis reveals a similar price correction following Bitcoin’s breakout above the $10,000 level, which initiated the bull trend that led to a $15,000 increase before reaching the ATH of $69,000. Likewise, a similar bull flag pattern emerged after Bitcoin surpassed the $29,000 level, resulting in a 22-month high of $48,900. Maintaining support around the $40,000 level and consolidating above it will be crucial for Bitcoin’s future trajectory, potentially pushing its price as high as $120,000.
In line with Glassnode’s analysis, crypto analyst Crypto Con also relies on historical patterns to predict Bitcoin’s price action. Crypto Con highlights that the mid-top of this Bitcoin price cycle occurred slightly faster than previous cycles but slower than the third cycle. Despite the 2019 mid-top occurring a year earlier than expected, Crypto Con predicts new all-time highs for the Bitcoin price, potentially reaching $90,000 or $130,000 after November 28th, 2024.
At the time of writing, BTC is trading at $40,590, down 2.5% in the past 24 hours. If this level is breached, Bitcoin could drop towards the $37,650 level as the next major support for the cryptocurrency. As the crypto industry continues to evolve, it is essential to closely monitor these trends and analyses to make informed decisions in the crypto and NFT markets.
