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 <p>According to the crypto analyst known as “CryptoCon” on X (formerly Twitter), Bitcoin (BTC) might hit $89,000 or $135,000 in its next cycle. The analyst cites “The Gann Square” theory for its prediction, which has seen some success in predicting the tops of some previous cycles.</p>
 <p>According to CryptoCon, the Gann Square theory sets the stage for two possible outcomes for BTC’s next cycle. The $135k prediction aligns with the analyst’s Nov. 28 price model and their Trend Pattern price model.&nbsp;On the other hand, the $89k prediction aligns with the “5.3 diminishing returns theory.” This theory says that BTC’s returns diminish by a factor of 5.3x from the bottom to the top of each cycle.</p>
 <p><strong>Also Read: JPMorgan Predicts Bitcoin Hash Rate to Fall 20% Post-Halving </strong></p>
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 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="540" src="https://cdn.thebittimes.com/images/2023/10/14/3d3f13452e41ec25d3dce9f94ec6cc89.webp" alt="According to the crypto analyst known as &quot;CryptoCon&quot; on X (formerly Twitter), Bitcoin (BTC) might hit $89,000 or $135,000 in its next cycle" class="wp-image-115871" srcset="https://cdn.thebittimes.com/images/2023/10/14/3d3f13452e41ec25d3dce9f94ec6cc89.webp 1024w, https://cdn.thebittimes.com/images/2023/10/14/3d3f13452e41ec25d3dce9f94ec6cc89.webp 300w, https://cdn.thebittimes.com/images/2023/10/14/3d3f13452e41ec25d3dce9f94ec6cc89.webp 768w, https://cdn.thebittimes.com/images/2023/10/14/3d3f13452e41ec25d3dce9f94ec6cc89.webp 1536w, https://cdn.thebittimes.com/images/2023/10/14/3d3f13452e41ec25d3dce9f94ec6cc89.webp 380w, https://cdn.thebittimes.com/images/2023/10/14/3d3f13452e41ec25d3dce9f94ec6cc89.webp 550w, https://cdn.thebittimes.com/images/2023/10/14/3d3f13452e41ec25d3dce9f94ec6cc89.webp 800w, https://cdn.thebittimes.com/images/2023/10/14/3d3f13452e41ec25d3dce9f94ec6cc89.webp 1160w, https://cdn.thebittimes.com/images/2023/10/14/3d3f13452e41ec25d3dce9f94ec6cc89.webp 1920w" sizes="(max-width: 1024px) 100vw, 1024px">
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 <p>Bitcoin (BTC) has also been one of the most profitable assets in the last decade. According to the data on Blockchain.com, BTC has been profitable for 3129&nbsp;out of 3597 days.</p>
 <h3 class="wp-block-heading" id="h-bitcoin-lighting-network-sees-massive-spike">Bitcoin Lighting Network sees massive spike</h3>
 <figure class="wp-block-image size-full"><img decoding="async" width="858" height="628" src="https://cdn.thebittimes.com/images/2023/10/14/a5fbf06ca3520c27077055032b198a86.webp" alt="How to Sell Crypto on Crypto.com?" class="wp-image-112765" srcset="https://cdn.thebittimes.com/images/2023/10/14/a5fbf06ca3520c27077055032b198a86.webp 858w, https://cdn.thebittimes.com/images/2023/10/14/a5fbf06ca3520c27077055032b198a86.webp 300w, https://cdn.thebittimes.com/images/2023/10/14/a5fbf06ca3520c27077055032b198a86.webp 768w, https://cdn.thebittimes.com/images/2023/10/14/a5fbf06ca3520c27077055032b198a86.webp 380w, https://cdn.thebittimes.com/images/2023/10/14/a5fbf06ca3520c27077055032b198a86.webp 550w, https://cdn.thebittimes.com/images/2023/10/14/a5fbf06ca3520c27077055032b198a86.webp 800w" sizes="(max-width: 858px) 100vw, 858px">
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   Bitcoin.com
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 <p>According to a report by River, BTC’s Lightning Network grew by 1212% over the last two years. The data from the report points to the Lightning Network processing around 50% of the transactions processed on-chain.</p>
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 <p>Furthermore, the value of funds transacted also grew. As per the report, around $78.2 million was moved using the Lightning Network in August. This represents a 546% increase compared to the $12.1 million moved in August 2021.</p>
 <p><strong>Also Read: Forbes Predicts Bitcoin, XRP to Gain $8 Trillion Amid USD Collapse</strong></p>
 <p>Moreover, the report also notes that <strong>“Nearly all Lightning payments are unaffordable on the Bitcoin blockchain. Lightning is effectively extending Bitcoin’s utility by enabling low-value payments over the Internet.”</strong></p>
 <p>According to River, a majority of the Lighting Network’s use case is catered towards gaming, social media tipping, and streaming, which account for 27%.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-analyst-predicts-btc-may-hit-135-000-next-cycle-tbt66321.html">https://thebittimes.com/bitcoin-analyst-predicts-btc-may-hit-135-000-next-cycle-tbt66321.html</a></p>

Bitcoin: Analyst Predicts BTC May hit $135,000 Next Cycle

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