Bitcoin prices have surged in recent weeks, hitting highs not seen since June as bullish sentiment returns to cryptocurrency markets. According to popular analyst CryptoCon, the rally is far from over, with his price model projecting Bitcoin could hit $45,000 by November as part of its typical four-year cycle behavior.
CryptoCon is well known in the cryptocurrency analysis community for his in-depth technical analysis of bitcoin price cycles. His latest research indicates the largest cryptocurrency by market cap remains on track to deliver further upside potential of up to 30% from current price levels.
In a detailed thread on trading platform X, CryptoCon shared his analysis comparing bitcoin’s price action to previous bull-bear market cycles. He noted bitcoin typically experiences five distinct ‘phases’ of price movement during cyclical tops, with the last phase representing the cycle’s mid-point peak.
So far in this cycle, Bitcoin has completed four of the five predicted phases according to CryptoCon’s model. The most recent phase saw bitcoin rise from roughly $19,000 to over $36,000 – an gain of over 90%.
If history repeats, the next phase would see Bitcoin reach even greater heights. As CryptoCon explained:
“The move to the cycle mid-top usually takes about 2 months after the end of phase 2. Since our first month is about to come to a close in phase 4, the mid-top could be complete as soon as November.”
Translating this prediction, CryptoCon believes a move above $45,000 for bitcoin is “possible” by next month as the fifth and final phase plays out.
To reinforce this outlook, the analyst highlighted two key price resistance levels bitcoin will need to breakthrough for the $45K target to materialize. Both levels align around $36,400, near where bitcoin currently trades.
Overall this research indicates those expecting an imminent pullback in bitcoin may be surprised by additional upside before a longer term correction sets in. Of course, past performance is not indicative of future results and cryptocurrency markets remain volatile. But CryptoCon has a solid track record with his cycle analysis model providing useful context for investors to consider.
Other prominent crypto analysts also see potential for further bitcoin gains playing out in the months ahead. Fellow trader Rekt Capital compared the current cycle’s price action to 2019 and noted key differences that suggest the bull market has further to run.
As Rekt Capital stated in a recent tweet, “Bitcoin is doing something completely different to what it did in 2019 at this same point in the cycle.” Where BTC prices would typically be testing important support levels now, bitcoin has instead surmounted multiple resistance zones to hit new highs for the year.
This divergence indicates the maturation of bitcoin’s bull cycle could be unfolding differently than in the past. Any deeper pullbacks over the next six months may represent a sizable buying opportunity before the upcoming bitcoin halving, according to Rekt Capital.
Makro factors like the Federal Reserve’s record rate hiking and tightening financial conditions have added significant volatility across markets. But the growing adoption of bitcoin as a hedge against inflation and weaker fiat currencies could continue supporting higher prices long term.
Whether CryptoCon’s projections ring true or not, seasoned traders emphasize staying disciplined and letting price action guide decisions – not predictions. The road ahead may have additional ups and downs for bitcoin. But long-term holders retain optimism as use cases expand and Wall Street exposure grows, setting the stage for post-halving gains according to historical precedence.
Accurate cycle analysis and astute technical traders will remain essential for navigating what could be the closing stages of this landmark bull market. With the previous two halvings precipitating new all-time highs, many in the crypto community have their eyes set on a six-figure bitcoin by 2023’s end.