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Bitcoin price action over the past 24 hours saw the price once again drop below $100,000 very briefly before rising back above it. In particular, Bitcoin’s price action over the past 24 hours has been between $98,839.87 and $105,306, highlighting the potential corrections that could occur if the cryptocurrency continues to rise.
This fluctuation comes amid a broader bull market cycle which analysts like CryptoCon suggest is far from over.
Bitcoin Crash Below $100,000 Isn’t the End
Crypto analyst CryptoCon has been a consistent voice in tracking Bitcoin’s movements using Fibonacci extensions during the current market cycle. Back in August, When Bitcoin was hovering around $60,000, CryptoCon predicted a rise to $109,236 in December. This prediction was based on the Fibonacci extension of 0.618 and ultimately came true with remarkable accuracy.
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Since the $100,000 mark was first breached on December 5, it has proven to be a psychological barrier. several retests since then. Despite this back and forth, Bitcoin enthusiasts remain strongly bullish, and the Crypto Feat And Greed Index remains in Extreme Greed. As such, the correction over the past 24 hours is seen by CryptoCon as a small event in a larger story.
According to the analyst, Bitcoin’s rise to $109,000 has been marked just one step on its continuing journey. The analyst emphasized that corrections, while inevitable, are becoming less important in the context of the increasingly established bull market.
“Corrections are a side issue. That doesn’t mean they won’t come, it just means they aren’t important,” CryptoCon said said about corrections.
The next goal: $166,000 by February 2025
Looking ahead, CryptoCon has highlighted the 5.618 Fibonacci extension as the next major milestone in Bitcoin’s ongoing bull market. This projection corresponds closely with a price target of approximately $162,000. According to the analyst, this ambitious goal could become a reality as early as February 2025, given Bitcoin’s current price growth rate.
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Currently, Bitcoin is trading at $101,600. For the cryptocurrency to reach the $162,000 level, it would need to register another 60% increase from its current price point.
CryptoCon does not see the February 2025 target as the conclusion of Bitcoin’s bull run. In fact, the forecast is accompanied by a detailed multi-year chart that outlines Bitcoin’s consistent upward trajectory since November 2023. This chart highlights a pattern of steady gains of 52% before resistance emerges at the Fibonacci extension levels. The path to $162,000 is seen as one of the price targets before notable corrections.
Interestingly, the analysis also points to an even higher price target, pegged at the Fibonacci extension level of 6,618. If Bitcoin were to reach this extreme milestone, it would translate into a price of approximately $254,100.
For now, Bitcoin seems poised for steady continued growth above $100,000, with corrections in between.
Featured image created with Dall.E, chart from Tradingview.com
