The Most Accurate Price Band for Bitcoin Shows BTC’s Bull Surge Isn’t Over, Reveals Target Price
A prominent crypto analyst known as CryptoCon recently explained how Bitcoin’s most accurate price bands indicate the bull run is not over yet. He predicts Bitcoin will reach $48,000 based on historical patterns.
Over the past 10 days, Bitcoin has been rangebound between $35,000 and $37,000. At the time of writing, BTC was trading around $36,000. This sideways price action follows a period of recovery from previous lows.
What you'll learn 👉
Analyzing the Magic Bands
In his tweet, CryptoCon states that the Magic Bands are the most accurate price bands for predicting Bitcoin’s major moves. These bands identify key support and resistance levels that act as magnets for the price.
CryptoCon shares a chart highlighting historical examples of Bitcoin breaking out of the first magic band decisively to the upside. In 9 out of 9 cases, BTC continued upwards to tag the second magic band eventually.
Precedent Points to $48,000
Currently, Bitcoin has broken out above the first magic band. Based on precedent, CryptoCon expects history to repeat with BTC now heading to test the second magic band around $48,000.
While it sometimes takes time to play out, CryptoCon notes that more often than not, Bitcoin races to the next band quickly after confirming a breakout. He anticipates this move to $48,000 occurring over the coming months.
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If Bitcoin reaches $48,000 as the most accurate predictive model suggests, it would represent a 30%+ gain from current prices. CryptoCon’s analysis indicates there is likely more upside for Bitcoin in 2023 despite recent ranging. The bull run still has room to continue based on historical band behavior.
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