Bitcoin price was calm during the weekend following this month’s surge to over $50k, with BTC trading around $51.7k at press time. However, according to popular crypto analyst CryptoCon, the possibility of hitting $30k may now be “less likely”.
In a recent Twitter thread discussing his views on Bitcoin’s next move, CryptoCon said “Cycle timing and data have already suggested a move to lower prices since 49k. Price did correct from those levels, but has that has been much shallower than usual so far.” He noted that abnormal buying pressure from ETF inflows could be creating an exception to the normal cycle patterns.
CryptoCon said “Are the low 30k’s still possible? Possible yes, but maybe less likely. If normal cycle timing and data points are followed then that is what should occur.” This suggests that while a fall to $30k can’t be ruled out, ETF activity may be preventing the typical depth of correction seen in previous cycles.
The analyst remains open-minded, stating “If ETFs are truly having an impact, who knows what that could bring. Is ‘this time different’ now?” CryptoCon explained that until Bitcoin approaches a new all-time high, he won’t change his view that this bull cycle top within 21 days of November 28th next year.
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Show more +When asked why he hasn’t sold if he expects lower prices, CryptoCon said “I am not interested in trading mid-cycle highs and lows. However, I am still interested in what price will do in case of buying opportunities for others.” He continues holding the Bitcoin and altcoins purchased during the previous cycle bottom.
In summary, while $30k cannot be completely ruled out, CryptoCon now sees this level as “less likely” due to potential inflation from ETF activity disrupting typical cycle patterns. However, he remains carefully data-driven in his analysis and open to emergent evidence that could prove “this time is different”.
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