In a recent statement, a market analyst popularly known as CryptoCon on social media platform X expressed doubt regarding the near achievement of a new All-Time High (ATH) for Bitcoin (BTC).
Despite the growing anticipation surrounding Bitcoin, especially with the potential approval of a spot BTC Exchange-Traded Fund (ETF) by the United States Securities and Exchange Commission (SEC), CryptoCon believes that Bitcoin is not yet poised to retest its ATH in the near future.
CryptoCon’s cautious stance stock from a technical analysis of Bitcoin’s price movements. He highlighted that Bitcoin’s recent crossing above the Commodity Channel Index (CCI) Critical Zone has historically been followed by significant price corrections.
according to him, the rally towards the $45,000 mark in December 2023 is likely to be succeeded by a period of price stabilization or decline in the coming months. He argues that this pattern of a post-rally cooldown usually takes a considerable duration to resolve.
Regarding the much-expected spot Bitcoin ETF, CryptoCon noted that the passion and opinion surrounding this novel financial product are nearing their end.
He pointed out that many investors are currently adopting a cautious approach, waiting to see how the market reacts. Despite the transformative potential of the ETF, he suggested that the current Bitcoin price data does not indicate an immediate surge to new heights.
In response to community inquiries on X, CryptoCon shared his projections for Bitcoin’s next ATH. He anticipates that Bitcoin may begin to approach a new ATH after November 28, 2024.
This prediction is based on the Halving Cycles Theory, which suggests that Bitcoin prices tend to rush months following a halving event. Drawing parallels from the halving period in May 2020, where Bitcoin achieved its ATH in November 2021, CryptoCon expects a similar trend in the upcoming cycle.
Also Read: Bitcoin ETF Searches Reach New Heights in Google Trends
