The cryptocurrency market has been experiencing a surge of optimism and confidence among investors, with many eagerly awaiting Bitcoin’s peak in the ongoing bull cycle. One popular crypto analyst, known as Crypto Con, has delved into historical data to predict the timeline for Bitcoin’s highest point in this cycle. By analyzing past BTC runs and their cumulative peaks, Crypto Con has identified trends that may indicate when the largest cryptocurrency asset by market cap will reach its pinnacle.
Analyzing the Stochastic Momentum Index (SMI)
According to Crypto Con, the Stochastic Momentum Index (SMI) Ergodic Indicator suggests that Bitcoin is currently positioned in line with where it should be in the current bull cycle. The analyst believes that there is still significant room for growth in the coming days, with the cycle’s peak expected to occur sometime between January and February of 2025. However, December 2024 remains a focal point for Crypto Con, as the analyst predicts it to be the cycle’s top month.
Crypto Con also points to a recent recovery from a correction in the crypto market as a potential catalyst for driving Bitcoin’s price higher. The analyst’s previous prediction of Bitcoin reaching $149,000 by the end of the year aligns with the expectation that the asset will reach that level by December. This forecast is based on precise measurements for Log Regression Curves and previous cycle tops in 2021.
In addition to analyzing historical data and the SMI, Crypto Con has also incorporated Fibonacci Extensions into the assessment of Bitcoin’s price peak in this cycle. By examining past cycle retraces, the analyst notes that previous cycles approached the 2.618 extension closely, with the last cycle striking the 1.618 extension. If this pattern repeats itself, Bitcoin’s price could potentially reach $159,128 in this cycle.
As of the time of writing, Bitcoin is steadily trending towards $70,000, indicating a 5% increase in the past week. While the market cap of Bitcoin has seen a slight decrease of 0.25%, the trading volume has also declined by 12% in the past 24 hours. Despite these fluctuations, Crypto Con remains confident in Bitcoin’s future growth potential and sees the current market conditions as favorable for continued price appreciation.