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Market analyst, known on X as CryptoCon has shared a bold comment, revealing that Bitcoin (BTC) price is not prepared to retest its All-Time High (ATH) soon.
Bitcoin (BTC) Price to ATH: Not a Near-Term Event
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.
#Bitcoin is not prepared for new ATHs in the near future.
This comes after crossing above the CCI Critical Zone.
Instead, it formed a pinnacle inside it just like we've seen from 4 other examples before a near 30% decline.
This triggered at 45k in December 2023, even though… pic.twitter.com/V9dtjK9pA3
— CryptoCon (@CryptoCon_) January 6, 2024
CryptoCon said the rally of Bitcoin’s (BTC) price toward the $45,000 price mark as recorded in December 2023 is bound to be trailed by a cool-down in the next few months. He believes these cooldown periods generally take a long time before it is resolved.
On the spot Bitcoin ETF potentials, the analyst posited that the speculation trailing this rare product is almost over, and many investors are staying in a safe zone to see how the price shapes up. However, CryptoCon believes the Bitcoin price data has made its position clear.
So When is Bitcoin ATH Coming?
In follow-up posts on X, CryptoCon was grilled by members of the Bitcoin community and he later got to share his forecast for when the next Bitcoin ATH could be expected post ETF approval and Bitcoin halving.
He noted that Bitcoin (BTC) price may start eyeing the new ATH anytime after November 28, 2024. He gave the projection based on the Halving Cycles Theory which ultimately shows that Bitcoin’s price started gaining traction months after the 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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