Bitcoin (BTC) was in a consolidation phase for some time, with the digital currency hovering around the $62,000 price level for several weeks. The market has now come back to life and BTC even briefly stood above $70,000.
However, this does not seem to be the end of the increase. According to historical data and the Stochastic Momentum Index (SMI) Ergodic Indicator, Bitcoin is right at the expected point in the current bull cycle, with significant growth potential.
Bitcoin price prediction based on the SMI Ergodic Indicator
The SMI Ergodic Indicator is a technical indicator used in the financial markets to identify trends and momentum in asset price movements. It helps traders understand overbought and oversold conditions.
Based on this data, the analyst Crypto Con expects that the peak of this cycle will be between January and February 2025. He also predicts that we will reach the top of the market in December 2024. Before the end of 2024, Crypto Con predicts that Bitcoin will reach a price of $149,000, which would represent an increase of approximately 120% from the current price.
In addition, the analyst sees the recent recovery from a market correction as a healthy development. According to him, this provides a solid basis for a further increase in the BTC price.
Bitcoin price quickly to $90,000?
Another crypto analyst is also positive about the price of BTC. According to analyst Kevin Svenson, we can expect an increase to $90,000 in the short term. After this peak, Svenson predicts a correction, followed by a renewed rise to $100,000 or more.
He bases his predictions on the parabolic curve, with Bitcoin now in the fourth phase. Even if it doesn’t reach $90,000, Svenson remains positive about the long-term prospects.
Svenson emphasizes that an interim correction does not mean an end to the cycle, but rather a healthy phase of price stabilization and re-accumulation. This period will attract new investors and lay the foundation for further growth.
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Source: https://newsbit.nl/crypto-analist-voorspelt-bitcoin-koers-van-149-000-eind-2024/
