June 17, 2024

Amid the recent Bitcoin (BTC) price rally, cryptocurrency analyst CryptoCon has shed his optimism about the price action of the crypto asset while highlighting a bold prediction.

Bitcoin To Experience Pullback Beforehand

On Tuesday, December 26, CryptoCon took to X (formerly Twitter) to share his latest projections on Bitcoin. According to the analyst, the price of BTC will reach the $130,000 mark, but it might undergo a correction beforehand.

In the X post, CryptoCon reiterated his opinion that, many weeks ago, Bitcoin peaked at roughly $45,000. He further highlighted that the LMACD includes another layer with a cross of the “Descending Cycle Mid-Top Trend.”

He suggests that Bitcoin is about to experience a “significant pullback.” The analyst highlighted that the “correction ranges from 38% to 52%” from its peak of around $45,000.

In addition, CryptoCon predicts that a period of correction 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.

Mid-Top indicating a correction range from 38% to 52% | Source: CryptoCon on X

The crypto analyst highlighted the “Green Year Accumulation” phase in his projections. He then underscored the opportunity this correction offers investors who couldn’t take advantage of 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 may suffer due to the potential correction from the recent highs. 

Furthermore, the analyst continued by pointing out the advantages of Bitcoin’s future performance. He expects Bitcoin to reach a fresh peak in November or December 2025.

CryptoCon’s predictions for BTC to reach an all-time high by the time above were based on the “Halving Cycles Theory.” He then asserted that after careful price experiments, he expects BTC to be around “$130,000 by the end of 2025.”

Rise In BTC’s Addresses Holding Millions Of Dollars

A recent report has revealed an uptick in the total number of Bitcoin millionaires in 2023. Data from BitInfoCharts shows the number of BTC millionaires has increased by 246% in 2023.

Currently, Bitcoin millionaires are around 97,497, according to the data provided by the platform. This indicates a notable growth compared to this year, with 23,795 addresses worth at least $1 million.

Furthermore, BitinfoCharts has divided these 97,497 millionaires into two distinct parts. Addresses that contain at least $1 million are 90,040, while those containing more than $10 million make up for the rest.

This uptick can be traced back to the rise in BTC’s price this year, which has seen a year-to-date gain of nearly 158%. Earlier this year, the price of BTC was around $16,000.

BTC trading at $42,837 on the 1D chart | Source: BTCUSDT on Tradingview.com

Featured image from iStock, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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