Amidst the recent Bitcoin (BTC) price rally, cryptocurrency analyst CryptoCon has ditched optimism about the crypto asset’s price action while highlighting a bold prediction.
Bitcoin to experience a pullback in advance
On Tuesday, December 26, CryptoCon went to X (formerly Twitter). part his latest projections about Bitcoin. According to the analyst, the price of BTC will reach the $130,000 mark, but it may undergo a correction beforehand.
In the X-post, CryptoCon reiterated its view that Bitcoin peaked at around $45,000 many weeks ago. He further emphasized that the LMACD contains another layer with an intersection of the ‘Descending Cycle Mid-Top Trend’.
He suggests that Bitcoin is about to experience a “significant” event pull back.” The analyst highlighted that the “correction ranges from 38% to 52%” from the peak of around $45,000.
Moreover, CryptoCon predicts that a correction period of “up to five to six months” will follow. He added that these declines would stop in May 2024 as he sees an upward trajectory despite his correction projections.
The crypto analyst emphasized the phase of ‘Green Year Accumulation’ in his projections. He then underlined the opportunity that this correction offers to investors who were unable to benefit from the favorable entry at this stage.
He sees an opportunity for investors to enter the Bitcoin market at a “more reasonable” price during this possible correction. However, overleveraged long may suffer from the potential correction from recent highs.
Furthermore, the analyst went further to point out the benefits of Bitcoin’s future performance. He expects Bitcoin to reach a new peak in November or December 2025.
CryptoCon’s predictions that BTC would reach an all-time high by the above time were based on the “Halving Cycle Theory.” He then claimed that after careful price experiments, he expects BTC to reach around “$130,000” by the end of 2025.
Increase in the number of BTC addresses by millions of dollars
A recent report has revealed an increase in the total number of Bitcoin millionaires by 2023. Data from BitInfoCharts shows the number of BTC millionaires increased by 246% by 2023.
Currently, there are approximately 97,497 Bitcoin millionaires, according to the platform’s data. This indicates remarkable growth compared to this year, with 23,795 addresses worth at least $1 million.
Additionally, BitinfoCharts divided these 97,497 millionaires into two separate parts. The number of addresses with at least $1 million stands at 90,040, while addresses with more than $10 million make up the rest.
This rebound can be traced back to BTC’s price increase this year, which has seen a gain of almost 158% year to date. Earlier this year the price rose BTC was approximately $16,000.
Featured image from iStock, chart from Tradingview.com
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