Popular crypto analyst CryptoCon posted an update on Twitter today regarding his Bitcoin price predictions. He stated that he is “still sticking to” his claim that Bitcoin topped out around $45,000 a couple weeks ago.
CryptoCon pointed to the crossing of the LMACD (Leading Moving Average Convergence Divergence) below the Descending Cycle Mid-Top Trend as further confirmation of his theory. As he explained, “The mid-top typically brings a sizeable correction, which has been anywhere from 38% up to 52% (minus the 2020 black swan).”
In other words, CryptoCon believes Bitcoin could be facing a significant pullback in the range of 38-52% from its recent high of around $45,000. That would put the potential bottom of the correction between around $26,000 down to $21,500.
He went on to state: “For investors that haven’t taken advantage of Green Year Accumulation prices, this gives them another chance.” So CryptoCon sees the potential correction as a buying opportunity for those looking to get into Bitcoin at lower prices.
Additionally, CryptoCon predicted the correction “typically ignites a sideways period, lasting about 5 – 6 months.” By his estimate then, Bitcoin may not pick up steam again until May 2024 following an extended period of consolidation.
At press time, Bitcoin is trading around $42,500, down 2.5% on the day. So the leading cryptocurrency remains not far from the level CryptoCon has identified as a local top. He plans to continue analyzing the charts rather than betting on speculative events like the upcoming Bitcoin ETF proposals.
I’ll continue to follow CryptoCon’s insightful analyses on Twitter and report back on whether his correction call plays out over the coming weeks and months. A 38-52% pullback from recent highs would certainly shake out many overleveraged longs, but could present high conviction investors with a compelling buying opportunity as well.
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