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Bitcoin price movement over the past 24 hours shows that Bitcoin once again fell below the $100,000 price mark and then rose above it again. Notably, Bitcoin price action over the past 24 hours has been between $98,839.87 and $105,306, highlighting the possibility of a correction that could occur as the cryptocurrency continues to rise.
The move comes amid a broader bull market cycle that analysts like CryptoCon are suggesting is far from over.
Bitcoin crash doesn't end even if it drops below $100,000
Crypto analyst CryptoCon has been consistently vocal about using Fibonacci extensions to track Bitcoin movements during the current market cycle. Back in August, when Bitcoin was hovering around $60,000, CryptoCon predicted it would rise to $109,236 by December. This prediction was based on a 0.618 Fibonacci extension and ultimately performed with surprising accuracy.
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Since breaking the $100,000 mark for the first time on December 5th, this price range has proven to be a psychological barrier and has been retested numerous times since then. Despite these ups and downs, Bitcoin enthusiasts remain extremely optimistic and the Crypto Feat And Greed Index remains Extreme Greed. As such, the modifications of the past 24 hours are seen by CryptoCon as a small incident in a larger story.
According to the analyst, Bitcoin's rise to $109,000 marks just one step in an ongoing process. The analyst emphasized that while corrections are inevitable, they are becoming less important in a situation where the bull market is becoming increasingly established.
“The fixes are an afterthought. That doesn't mean they won't come, it just means they're not important,” CryptoCon said regarding the fixes.
Source:X
Next goal: $166,000 by February 2025
Looking ahead, CryptoCon is highlighting the 5.618 Fibonacci extension as the next significant milestone in Bitcoin’s continued bull market. This forecast is roughly in line with the target price of approximately $162,000. According to the analyst, given Bitcoin's current price growth rate, this ambitious goal could be realized as early as February 2025.
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Bitcoin is currently trading at $101,600. For the cryptocurrency to reach the $162,000 level, it would need to register an additional 60% increase from its current price.
CryptoCon does not believe that the February 2025 target is the end of the Bitcoin bull market. In fact, this forecast is accompanied by a detailed multi-year chart outlining Bitcoin's consistent upward trajectory since November 2023. This chart highlights a steady 52% up pattern before encountering resistance at the Fibonacci extension level. A path to $162,000 is considered one of several target prices before any significant correction.
Interestingly, this analysis also suggests an even higher price target associated with the 6.618 Fibonacci extension level. If Bitcoin reaches this extreme milestone, the price will be around $254,100.
For now, Bitcoin seems poised for steady and continued growth above $100,000, with some corrections in between.
BTC price still above $100,000 | Source: BTCUSD on Tradingview.com
Featured image created by Dall.E, chart on Tradingview.com
