Based

bullish

2024

Bitcoin

<ul>
 <li>Fibonacci levels suggest Bitcoin could see a 52% increase, reaching $109,236 by year-end if the trend holds.</li>  
 <li>Bitcoin's price has consistently aligned with Fibonacci levels, indicating potential bullish momentum through 2024.</li>  
 <li>RSI recovery and MACD bullish crossover point to possible continued upward momentum for Bitcoin in the near term.</li> 
</ul>  
<p>According to @CryptoCon_, "This #Bitcoin Fibonacci extension has accurately found each local high of this cycle. The next 52% increase and .618 extension is set to push over the legendary $100,000 threshold at $109,236."&nbsp;</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/CryptoCon_/status/1821951850121179380
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</figure>  
<p>This prediction, based on Fibonacci extension levels, outlines a <a href="https://cryptonewsland.com/bitcoin-shows-stabilization-analysts-eye-64-7k/" rel="noopener noreferrer nofollow">bullish trend for Bitcoin</a>, potentially culminating in a price of $109,236 by the end of 2024. This projection is rooted in previous price patterns, where each high has aligned closely with Fibonacci levels, creating a speculative yet intriguing forecast for the cryptocurrency.</p>  
<h2 class="wp-block-heading" id="h-fibonacci-extension-levels-and-key-price-milestones"><strong>Fibonacci Extension Levels and Key Price Milestones</strong></h2>  
<p>The Fibonacci extension levels indicate <a href="https://x.com/BitcoinMagazine/status/1822015173575536823" target="_blank" rel="noopener noreferrer nofollow">notable price points</a>. The 1.618 level was marked near $30,362 in April and July 2023, signaling local highs. The next key level, 2.618, stands at approximately $46,831, with Bitcoin expected to reach this level by January 2024.&nbsp;</p>  
<p>The subsequent levels, 3.618 and 4.618, are projected to be near $71,591 and $109,236, respectively. These levels suggest a potential 52% increase between each stage, indicating a progressive rise in Bitcoin's value.</p>  
<p><img width="602" height="387" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdLKEfvEQjjYp2D3Jaq-d0PanW47dfF1E2xK98dEYuuV86S6e5eIXEuBWYNCTGMRbfY9H4IC70ZtGGuUCbM2wu6aEKatfH2AwYCjdiK8lj7qN6mZROMrraio8IaWqojn7W3vfwfi6MCsUMiPHlesJXPx0OZ?key=-NVKJuRNe4DE8xMXJabd0g"></p>  
<p>Source: <a href="https://x.com/CryptoCon_" target="_blank" rel="noopener noreferrer nofollow">CryptoCon</a> on X</p>  
<h2 class="wp-block-heading" id="h-historical-price-action-and-future-projections"><strong>Historical Price Action and Future Projections</strong></h2>  
<p>The chart highlights two retracement points that serve as the foundation for these projections. Notably, Bitcoin's price has shown a pattern of retracement followed by substantial gains, aligning with the Fibonacci extensions.&nbsp;</p>  
<p>If this trend persists, the <a href="https://cryptonewsland.com/experts-predict-btc-could-reach-220k/" rel="noopener noreferrer nofollow">price could reach</a> $109,236 by December 2024. However, this projection remains speculative, with market conditions playing a crucial role in determining the actual outcome.</p>  
<h2 class="wp-block-heading" id="h-technical-indicators-point-to-bullish-momentum"><strong>Technical Indicators Point to Bullish Momentum</strong></h2>  
<p>Supporting the Fibonacci-based analysis, technical indicators suggest a bullish momentum for Bitcoin. The Relative Strength Index (RSI) currently sits at a neutral level of 57.71, having recovered from an oversold position.&nbsp;</p>  
<p><img width="602" height="273" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXci9TkxonbYUweM_3M8ScL377YhH_F71OJ2-8HH6D3eHAFzjbE2U2Lnvs0__EIolq7smi3NpVw29BQp8YmDtRhjfTbr5GyHSdzRm3RiixDOdP8LVhVtNeeVswN57QshOGLz4UJ_TSLruo_sunpYjCcA8zk?key=-NVKJuRNe4DE8xMXJabd0g"></p>  
<p>Source: <a href="https://cryptorank.io/price/bitcoin/full-feature-chart" target="_blank" rel="noopener noreferrer nofollow">CryptoRank</a></p>  
<p>Additionally, the Moving Average Convergence Divergence (MACD) indicates a bullish crossover, with the MACD line above the signal line and a positive histogram. These factors collectively suggest a potential <a href="https://cryptonewsland.com/bitcoin-and-ethereum-recover-as-2-5b-in-options-set-to-expire/" rel="noopener noreferrer nofollow">continuation of the upward trend</a>, although market dynamics could influence the trajectory.</p> 
<p>The post <a href="https://cryptonewsland.com/analyst-predicts-bitcoin-surge-to-109k/" rel="noopener noreferrer nofollow">Analyst Predicts Bitcoin Surge to $109K by December 2024 Based on Fibonacci Levels, Bullish Indicators</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Analyst Predicts Bitcoin Surge to $109K by December 2024 Based on Fibonacci Levels, Bullish Indicators

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