Fibonacci levels suggest Bitcoin could see a 52% increase, reaching $109,236 by year-end if the trend holds.
Bitcoin's price has consistently aligned with Fibonacci levels, indicating potential bullish momentum through 2024.
RSI recovery and MACD bullish crossover point to possible continued upward momentum for Bitcoin in the near term.
According to @CryptoCon_, "This #Bitcoin Fibonacci extension has accurately found each local high of this cycle. The next 52% increase and .618 extension is set to push over the legendary $100,000 threshold at $109,236."
https://twitter.com/CryptoCon_/status/1821951850121179380
This prediction, based on Fibonacci extension levels, outlines a bullish trend for Bitcoin, potentially culminating in a price of $109,236 by the end of 2024. This projection is rooted in previous price patterns, where each high has aligned closely with Fibonacci levels, creating a speculative yet intriguing forecast for the cryptocurrency.
Fibonacci Extension Levels and Key Price Milestones
The Fibonacci extension levels indicate notable price points. The 1.618 level was marked near $30,362 in April and July 2023, signaling local highs. The next key level, 2.618, stands at approximately $46,831, with Bitcoin expected to reach this level by January 2024.
The subsequent levels, 3.618 and 4.618, are projected to be near $71,591 and $109,236, respectively. These levels suggest a potential 52% increase between each stage, indicating a progressive rise in Bitcoin's value.
Source: CryptoCon on X
Historical Price Action and Future Projections
The chart highlights two retracement points that serve as the foundation for these projections. Notably, Bitcoin's price has shown a pattern of retracement followed by substantial gains, aligning with the Fibonacci extensions.
If this trend persists, the price could reach $109,236 by December 2024. However, this projection remains speculative, with market conditions playing a crucial role in determining the actual outcome.
Technical Indicators Point to Bullish Momentum
Supporting the Fibonacci-based analysis, technical indicators suggest a bullish momentum for Bitcoin. The Relative Strength Index (RSI) currently sits at a neutral level of 57.71, having recovered from an oversold position.
Source: CryptoRank
Additionally, the Moving Average Convergence Divergence (MACD) indicates a bullish crossover, with the MACD line above the signal line and a positive histogram. These factors collectively suggest a potential continuation of the upward trend, although market dynamics could influence the trajectory.
The post Analyst Predicts Bitcoin Surge to $109K by December 2024 Based on Fibonacci Levels, Bullish Indicators appeared first on Crypto News Land.
