Bitcoin Could Hit $100,000 This Cycle Top: Analyst Shares Timeline for BTC to Reach $1,000,000

January 31, 2024

Bitcoin Breaks 0.618 Retracement for First Time Before Halving, Analyst Says BTC Is Ready for a New Bull Cycle

The outlook for a sustainable Bitcoin price bottom remains uncertain, according to new analysis from trader CryptoCon, who spots unresolved technical risks despite nascent stabilization signs.

CryptoCon maintains his long-term bullish outlook anchored around the BitX model, which forecasts parabolic upside cycles based on lengthening time horizons:

“BitX shows how I believe #Bitcoin price moves up by multiples of 10X. It remains right on track along the projected curve and says that Bitcoin should be at least 100k for this cycle top.”

The model asserts that Bitcoin tops out around $100K this cycle. And fitting historical data patterns, reaching the next magnitude level at $1 million requires four more halving cycles and over 16 years of maturation or by November 28th, 2041.

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Near-Term Shows Indecision

However, while multi-year projections stay ambitious, trader Mags highlights that near-term uncertainty persists given Bitcoin’s trouble building conviction:

“Bitcoin about to close another Month in Green Out of the past 13 months, Bitcoin has closed 10 candles in the green and only 3 in red. This clearly indicates that Bitcoin is super stronger and is in a macro uptrend. Any Pullback / Red Months are for buying”

So in essence, Bitcoin shows evidence of broader basing and mean reversion cycles, enabling exponentially higher moves over decades. But its struggle to reclaim next resistance means potentially more volatile consolidation lies ahead before the next growth wave towards $100K materializes. Still, data argues the long-term outlook remains decisively bullish.

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