Bitcoin

Rekt (rektarb.xyz)

Rekt

<div class="sg-post-des">
 Bitcoin remains on track to deliver "possible" further gains of up to 30% versus current BTC price levels, says CryptoCon.
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<div class="cointelegraph">
 <p>Bitcoin (BTC) is on track to hit $45,000 in November as part of a classic BTC price cycle, popular analyst CryptoCon says.</p>
 <p>In an X thread on Oct. 25, the Bitcoin <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> <a rel="noopener noreferrer nofollow" title="model" href="https://thebittimes.com/tag/model.html">model</a> creator turned his attention to one based on Fibonacci retracement levels.</p>
 <h2 id="analyst-45-000-next-month-possible-for-bitcoin">Analyst: $45,000 next month "possible" for Bitcoin</h2>
 <p>Bitcoin reaching 17-month highs this week has many market participants expecting a pullback, but CryptoCon believes that plenty of upside potential remains.</p>
 <p>Comparing current BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> behavior to previous cycles, he showed that there is still room for BTC/USD to expand to the highest of the Fibonacci <a rel="noopener noreferrer nofollow" title="model" href="https://thebittimes.com/tag/model.html">model</a>’s five targets to hit a mid-cycle top.</p>
 <p>Four have already been seen, with target four lying around 3.3% above this week’s top at $36,368. In between them are what are called “<a rel="noopener noreferrer nofollow" title="phase" href="https://thebittimes.com/tag/phase.html">phase</a>s” — and November now marks a deadline for the next to complete.</p>
 <p>“The move to the cycle mid-top usually takes about 2 months after the end of <a rel="noopener noreferrer nofollow" title="phase" href="https://thebittimes.com/tag/phase.html">phase</a> 2. Since our first month is about to come to a close in <a rel="noopener noreferrer nofollow" title="phase" href="https://thebittimes.com/tag/phase.html">phase</a> 4, the mid-top could be complete as soon as November,” part of commentary stated.</p>
 <blockquote>
  “Translation: A possible move above 45k by next month.”
 </blockquote>
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/26/23160abd58fa8ce69e20982f900a28d0.webp">
  <figcaption style="text-align: center;"><em>Bitcoin Mid-Cycle Fibonacci Phases chart. Source: CryptoCon/X</em>
  </figcaption>
 </figure>
 <p>Continuing, CryptoCon flagged two key resistance levels for Bitcoin bulls to clear in order for the $45,000 target to become reality.</p>
 <p>“Both of these line up at about $36,400,” he noted.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/26/c9d44d5f5ddd5671027cea9ae2bf8f39.webp">
  <figcaption style="text-align: center;"><em>BTC/USD chart with Fibonacci resistance levels. Source: CryptoCon/X</em>
  </figcaption>
 </figure>
 <h2 id="btc-price-cycle-behavior-completely-different">BTC price cycle behavior "completely different"</h2>
 <p>Updating his own cycle comparison, meanwhile, fellow trader and analyst Rekt Capital described a “completely different” setup for Bitcoin in 2023.</p>
 <p><strong><em>Related:&nbsp;‘This is the trigger’ — Arthur Hayes says it’s time to bet on Bitcoin</em></strong></p>
 <p>At this point in its four-year pattern, BTC/USD should be testing support, not resistance, he argued, contrasting the current landscape to that from March 2020.</p>
 <p>At the time, the pair put in cycle lows of just above $3,000 as part of a cross-market crash engendered by the start of the COVID-19 pandemic.</p>
 <p>"Bitcoin is doing something completely different to what it did in 2019 at this same point in the cycle," he wrote.&nbsp;</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/26/4136877d1e07bb8832c94f04544504a0.webp">
  <figcaption style="text-align: center;"><em>Bitcoin price cycle comparison. Source: Rekt Capital/X</em>
  </figcaption>
 </figure>
 <p>In various recent X posts, Rekt Capital added that any significant pullback would represent a significant cycle buying opportunity.</p>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">#BTC <br><br>Any deeper retrace that occurs over the next 175 days before the Halving will represent an outsized opportunity for the next few years$BTC #Crypto #Bitcoin pic.twitter.com/KH7bsC7edq</p>— Rekt Capital (@rektcapital) October 25, 2023
 </blockquote>
 <p class="post-content__disclaimer">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-model-expects-45k-phase-to-hit-in-november-tbt67838.html">https://thebittimes.com/bitcoin-price-model-expects-45k-phase-to-hit-in-november-tbt67838.html</a></p>

Bitcoin price model expects $45K 'phase' to hit in November

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