17 October 2024
A new Bitcoin price target has been set at $109,000, with an analyst predicting that the pioneer cryptocurrency could surge to this projected level before the end of the year. This bullish forecast comes as Bitcoin experiences new momentum that has pushed its price well above $67,000.
New Bitcoin Target Set At $109,000
A Bitcoin technical analyst identified as ‘CryptoCon’ has taken to X (formerly Twitter) to unveil his bullish prediction for the Bitcoin price. While many analysts believe that this Q4 is a significantly bullish period for Bitcoin, CryptoCon confirms this sentiment by forecasting that Bitcoin could see its price reaching $109,000 as early as December 2024.
In the analyst’s words, “$109,000 is just the next rung on the ladder for Bitcoin.” This suggests that the analyst is confident that Bitcoin could hit this new all time high, but also has the potential to increase even further over time.
Sharing a detailed chart of Bitcoin’s historical price movements, the analyst highlighted periods when Bitcoin hit new highs, suggesting a possible correlation in past bullish trends. In April and July 2023, Bitcoin experienced a massive 52% surge, pushing its price to $30,362 at the 1.618 Fibonacci retracement level.
Again, in January 2024, the cryptocurrency saw another 52% increase, jumping to $46,831 at the 2.618 Fibonacci level. More recently, around March Bitcoin witnessed another 52% price spike, hitting its current all-time high above $73,000, with its price dropping slightly back down towards $71,000 in May.
Following this historical trend, CryptoCon predicts that Bitcoin is gearing up for another 52% increase, potentially reaching $109,000, at the 4.618 Fibonacci level. The analyst emphasized that Bitcoin’s recent price rally had a different ring to it, hinting at the possibility of a sustained bull run.
Furthermore, the analyst has confidently stated that a recession or bear market is unlikely for Bitcoin shortly. He asserts that all conditions are aligning perfectly for 2025 to become the year of all-time highs.
Bitcoin Price Breaks Through $67,000
Bitcoin recently surpassed the $67,000 mark for the first time since July, when the hype and demand for Spot Bitcoin ETFs was still strong. The unexpected market rebound has generated significant profits for numerous short-term Bitcoin holders.
While the value of Bitcoin jumped as high as $67,820 at some point in the past 48 hours, the price of the cryptocurrency has since stabilized and is currently trading at $67,170. CoinMarketCap’s data reveals that in the past seven days, Bitcoin has surged by more than 10%, underscoring investors’ growing interest and demand in the pioneer cryptocurrency.
Additionally, the data has also shown that the broader Bitcoin community is 69% bullish while only 31% are bearish. This suggests that investors’ positive sentiment towards Bitcoin is rising as they may be expecting more upcoming price gains.