Crypto analyst Cryptocon provided a noteworthy update on Bitcoin’s price action recently. Despite various market signals flashing overbought readings, BTC moved against expectations.
“Even though most Bitcoin data is overheated and topped out, the price has decided not to cool down just yet for the New Year, says Cryptocon.
Importantly, Bitcoin managed to achieve a decisive daily close above the $45K resistance level—a price point many analysts eyed as a potential cycle midpoint peak. Cryptocon himself viewed this zone as an area likely requiring a cooldown.
However, with BTC pushing through instead, historically reliable valuation models now suggest potential for continuation towards decidedly more bullish cycle highs. As one example cited, the MVRV-Z score remains conspicuously absent of euphoric overextension.
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Show more +In truth, the move above $45K caught Cryptocon by surprise based on topping signals across various indicators. Yet the analysts remain flexible in updating the analysis should new price actions conflict with prior theses.
This adaptability now has him eyeing the $48K 0.618 fibonacci retracement of Bitcoin’s macro move as the next feasible target while crypto markets defy cooling off. And he continues holding full BTC and altcoin positions in anticipation of what comes next following this show of strength.
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