Bitcoin traded above $39,500 on Saturday, continuing its upward march in 2023. The leading cryptocurrency is now up over 130% since the start of the year, recently hitting its highest price level since April 2022.
According to crypto analyst CryptoCon, who shared his thoughts with his 67,000 followers on X, Bitcoin’s bull run still has room to continue in the near-term.
“The Monthly Parabolic SAR has flipped bullish for #Bitcoin. And for the first time ever, price has continued to make new highs afterward,” CryptoCon tweeted. “Each and every cycle, this has marked a local high, the cycle mid-top. On top of this, flipping the Monthly SAR bullish usually comes right before a fantastic rise.”
He believes Bitcoin could stay in bull mode for now, saying he “wouldn’t be betting against it.”
In a follow-up tweet, CryptoCon clarified that while he doesn’t expect Bitcoin to hit a new all-time high (ATH) in the near future, the current ramp-up could carry the price to new 2023 highs.
“Blue Year gets us ready for the new ATHs. Every example has had a good performance, and price is on the brink of making new ATHs by the end of the year,” he wrote. “The cycles have so far been set in stone, structured and unwavering.”
CryptoCon says greed is starting to return to the crypto market, but advised his followers not to get carried away. He still expects the current bull cycle to top out between $90,000 and $130,000, most likely around November 2025.
For now, Bitcoin bulls look poised to keep pushing the price higher as the cryptocurrency continues its recovery from 2022’s brutal bear market. CryptoCon sees the uptrend continuing as long as Bitcoin holds above key support around $37,500.
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