Amidst the recent Bitcoin (BTC) Due to the rising prices, cryptocurrency analyst CryptoCon dropped his optimism on the crypto asset’s price action while highlighting a bold prediction.
Bitcoin will experience a pullback beforehand
On Tuesday, December 26, CryptoCon took to X (formerly Twitter) to share its latest projections on Bitcoin. According to the analyst, BTC price will reach the $130,000 mark, but it may undergo a correction beforehand.
In post X, CryptoCon reiterated its opinion that several weeks ago Bitcoin peaked at around $45,000. He further pointed out that the LMACD includes another layer with a crossover of the “mid-high trend of the descending cycle”.
He suggests that Bitcoin is about to experience a “ withdrawal.” The analyst pointed out that the “correction ranges from 38% to 52%” from its high of around $45,000.
Additionally, CryptoCon predicts that a correction period lasting “up to five to six months” will follow the correction. He added that these declines would cease in May 2024, as he sees an upward trajectory despite his correction projections.
The crypto analyst highlighted the “green year accumulation” phase in his projections. He then highlighted the opportunity that this correction offers to investors who were unable to take advantage of a favorable entry during this phase.
He sees an opportunity for investors to enter the Bitcoin market at a “more reasonable” price during this possible correction. However, overleveraged long positions could suffer from the potential correction from recent highs.
Furthermore, the analyst went on to highlight the benefits of Bitcoin’s future performance. He expects Bitcoin to reach a new high in November or December 2025.
CryptoCon’s predictions that BTC would hit an all-time high at the time above were based on the “Reduce by half Cycle theory. He then claimed that after careful price experiments, he expects BTC to be around “$130,000 by the end of 2025.”
Increase in BTC addresses holding millions of dollars
A recent report found a slight increase in the total number of Bitcoin millionaires in 2023. Data from BitInfoCharts watch the number of BTC millionaires increased by 246% in 2023.
Currently, Bitcoin millionaires number around 97,497, according to data provided by the platform. This indicates notable growth from this year, with 23,795 addresses worth at least $1 million.
Additionally, BitinfoCharts has split these 97,497 millionaires in two distinct parts. Addresses containing at least $1 million number 90,040, while those containing more than $10 million make up the rest.
This rise can be attributed to the rise in the price of BTC this year, which has seen a gain of almost 158% year-to-date. Earlier this year, the price of BTC was about $16,000.
Featured image from iStock, chart from Tradingview.com
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