Bitcoin Price Drops Below $100,000 Before Recovering Amid Bull Market
Bitcoin's price fluctuated in the past 24 hours, briefly falling below $100,000 before rising above it again. The trading range was between $98,839.87 and $105,306, indicating potential corrections as the cryptocurrency trends upward.
This volatility occurs within a broader bull market cycle, which analysts like CryptoCon suggest is ongoing.
Bitcoin Crash Below $100,000 Not The End
Crypto analyst CryptoCon has consistently tracked Bitcoin’s movements using Fibonacci extensions. In August, when Bitcoin was around $60,000, CryptoCon predicted a rise to $109,236 by December based on the 0.618 Fibonacci extension, which proved accurate.
Since first surpassing $100,000 on December 5, this price point has acted as a psychological barrier with multiple retests. Despite the fluctuations, Bitcoin enthusiasts remain optimistic, reflected in the Crypto Fear and Greed Index indicating Extreme Greed. CryptoCon views recent corrections as minor within the larger narrative of an established bull market.
According to CryptoCon, reaching $109,000 is seen as just one step in Bitcoin’s journey. Corrections are deemed inevitable but less significant in light of the current bull market dynamics. “Corrections are an afterthought,” stated CryptoCon regarding this phenomenon.
The Next Target: $166,000 By February 2025
Looking ahead, CryptoCon focuses on the 5.618 Fibonacci extension as the next milestone for Bitcoin. This projection aligns with a target of approximately $162,000, potentially achievable by February 2025, given Bitcoin's current growth rate.
Currently, Bitcoin trades at $101,600, necessitating a 60% increase to reach the $162,000 target. CryptoCon does not view this target as the end of Bitcoin's bull run but as part of a longer-term upward trend since November 2023, characterized by steady gains followed by resistance at Fibonacci levels.
Additionally, analysis suggests a more ambitious price target tied to the 6.618 Fibonacci extension level, potentially reaching around $254,100.
For now, Bitcoin seems poised for continued growth above $100,000, with intermittent corrections expected.
