The Bitcoin price model predicts that Bitcoin is on course to reach $45,000 in November, following a typical $BTC price cycle, according to the popular analyst CryptoCon.

Despite Bitcoin reaching its 17-month highs this week, many in the market expected a price correction.

Analyst: $45,000 next month is “possible” for Bitcoin

However, CryptoCon believes there is still considerable upside potential. By comparing current $BTC price behavior with previous cycles, it's clear that BTC/USD can still reach the highest of the five targets outlined in the Fibonacci model before hitting a mid-cycle top.

Four targets have already been reached, with the fourth being around 3.3% above this week's peak at $36,368. Between these targets, there are "phases," and November is now a crucial deadline for the next phase to be completed.

CryptoCon also highlighted two significant resistance levels that Bitcoin bulls need to overcome to realize the $45,000 target, both at around $36,400.

“Bitcoin is doing something completely different to what it did in 2019 at this same point in the cycle,” - CryptoCon

Concurrently, another trader and analyst, Rekt Capital, proposed that the BTC price cycle behavior in 2023 is entirely different.

In the current four-year pattern, BTC/USD should be testing support, not resistance, according to his argument. This deviates from the situation in March 2020 when Bitcoin reached a cycle low of just above $3,000 during the cross-market crash triggered by the start of the COVID-19 pandemic.

In various recent X posts, Rekt Capital added that any significant pullback would represent a significant cycle buying opportunity.

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