The cryptocurrency technical analyst CryptoCon predicted in an X post yesterday that Bitcoin (BTC) may rise to as high as $45.5K soon. This was after the market leader’s price entered into a new phase in its current cycle, according to the analyst.
Welcome to Mid-Cycle phase 4
This is the time when #Bitcoin is in between heading to the cycle Mid-Top which is now about 45.5k.
Price has typically come over this.
Interestingly, when phase 2 is over, it’s usually a launch straight to phase 5, which means 45k could be soon!… pic.twitter.com/uGsEcUqb5q
— CryptoCon (@CryptoCon_) October 25, 2023
In the post, CryptoCon shared that BTC has entered into the fourth phase of its mid-cycle. As a result, the cryptocurrency is between heading to the “mid-top” of the cycle, which is around $45.5K.
The analyst added that the conclusion of phase 2 is usually followed by a direct move to phase 5. This prompted CryptoCon to speculate that BTC may soar to $45K soon. Before the market leader can begin its launch, it will need to overcome the $36,368 resistance level first.
Nevertheless, the analyst remained confident that BTC’s price could surge in the medium term. This is mainly due to CryptoCon’s analysis that a move to the “mid-top” usually takes place 2 months after the end of the second phase. Seeing as the first month after the second phase is coming to an end, CryptoCon predicted that BTC could climb to $45K as soon as November.
Meanwhile, at press time, CoinMarketCap data indicated that BTC was changing hands at $34,601.44. This was after its recorded a 24-hour gain of 1.71%, which also pushed its weekly price performance to +22.22%.
The increase in BTC’s price was also enough for it to reach the number 2 spot on CoinMarketCap’s trending list. This ranked it under the popular meme coin Pepe (PEPE) and above Shiba Inu (SHIB), which is another favorite among meme coin investors.
Meanwhile, BTC was able to reach a peak at $34,787.02 throughout the past day of trading. It has retraced since establishing this high to trade at its current level. Despite this, it was still closer to its 24-hour high than its daily low, which stood at $33,278.40.
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