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The market analyst, known on X as CryptoCon, shared an ambitious comment, revealing that the value of Bitcoin (BTC) is not in a position to retest its all-time high (ATH) anytime soon.
At the moment, many people are agog with the prospects that Bitcoin (BTC) price holds with the likelihood of the United States Securities and Exchange Commission (SEC) approving the launch of a spot BTC ETF, a move that can trigger an immense growth in the price of the premier digital currency.
Despite this likelihood, CryptoCon said he believes that should Bitcoin (BTC) price soar, it may not touch the ATH. He based his forecast on the fact that the coin crossed above the Commodity Channel Critical Zone. The analyst noted that Bitcoin has formed a pinnacle inside the CCI Critical Zone as has presented itself in a series of examples where the coin recorded a near 30% decline.
This happens after passing the ITC critical zone.
Instead, it formed a more sensible interior, just as we saw in four other examples before a nearly 30% drop.
This at 45k in December 2023, although. . . pic. twitter. com/V9dtjK9pA3
– CryptoCon (@CryptoCon_) January 6, 2024
CryptoCon said that the surge in the value of Bitcoin (BTC) towards the $45,000 mark recorded in December 2023 is sure to be followed by a slowdown in the coming months. He believes those recovery periods take a long time to resolve.
As for the future of Bitcoin ETFs, the analyst posited that speculation on this rare commodity is almost over and that many investors remain in the zone to see how the price moves. However, CryptoCon believes that the data on Bitcoin’s price has clarified its position.
In follow-up posts on X, CryptoCon quizzed members of the Bitcoin network and then shared its predictions on when the next Bitcoin ATH can be expected after the ETF was approved and Bitcoin was halved.
He noted that Bitcoin’s (BTC) value could start targeting the new ATH anytime after Nov. 28, 2024. He gave the projection based on the theory of halving cycles that ultimately shows that Bitcoin’s value started to gain. traction months after halving.
As seen in the last halving in May 2020, Bitcoin did not attain its ATH until November 2021. Should the same trend play out, BTC’s ATH might come later per the projection from CryptoCon.
His forecast, however, contradicts the bullish calls from other industry experts and firms like Bitwise that foresees the coin jumping to $80,000 after the approval and launch of the spot Bitcoin ETF. At the time of writing, Bitcoin is price at $43,926, up by 0.58% in the past 24 hours.
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