In the post, CryptoCon shared their analysis that Bitcoin (BTC) has entered the fourth phase of its mid-cycle. This indicates that the cryptocurrency is moving towards the “mid-top” of the cycle, which is estimated to be around $45.5K.
The analyst further explained that the completion of the second phase is typically followed by a direct progression to the fifth phase. Based on this observation, CryptoCon speculated that BTC may experience a surge to $45K in the near future. However, before this upward movement can occur, the cryptocurrency will first need to overcome the resistance level at $36,368.
Despite this hurdle, the analyst expressed confidence in BTC’s potential for a medium-term price surge. This confidence stems from CryptoCon’s analysis, which suggests that a move towards the “mid-top” usually takes place approximately two months after the conclusion of the second phase. Considering that the first month after the second phase is coming to an end, CryptoCon predicted that BTC could reach $45K as early as November.
At the time of writing, CoinMarketCap data indicated that BTC was being traded at $34,601.44. This represents a 24-hour gain of 1.71% and contributes to a weekly price performance of +22.22%.
The increase in BTC’s price has also propelled it to the number 2 position on CoinMarketCap’s trending list. It is currently ranked below the popular meme coin Pepe (PEPE) and above Shiba Inu (SHIB), which is another favored choice among meme coin investors.
During the previous day of trading, BTC reached a peak of $34,787.02 before retracing to its current level. Despite the retracement, the cryptocurrency remains closer to its 24-hour high than its daily low, which was recorded at $33,278.40.