- CryptoCon predicts Bitcoin could reach $47k by December 2023 or January 2024, based on the Fibonacci MVRV chart analysis, a tool that compares market capitalization to realized capitalization to identify potential overbought or oversold conditions.
- The analyst’s previous predictions have been accurate, such as the rise of Bitcoin from around $29k and projecting a pause at $36k; he now sees the bullish trend continuing into 2024, following patterns observed in 2020.
- While CryptoCon’s analysis suggests a conservative short-term outlook aligning with analysts like Michael van de Poppe’s $50k target, others like Luke Broyles forecast a more aggressive long-term growth, with Bitcoin potentially reaching up to $3M per coin.
CryptoCon, a famous technical analyst, believes Bitcoin could reach $47k by December 2023 or January 2024, based on a chart analysis using the Fibonacci MVRV.
The MVRV is a metric used to evaluate the relative value of a cryptocurrency like Bitcoin by comparing its market capitalization to its realized capitalization. This metric is crucial for traders since it helps them identify when Bitcoin is overbought or oversold, thus potentially entering a new position or readjusting their existing ones.
According to CryptoCon, the MVRV indicates the Bitcoin chart is repeating the same patterns he projected when BTC’s price was hovering around $29k.
MVRV laid the groundwork for 47k at 29k:
— CryptoCon (@CryptoCon_) November 3, 2023
“When MVRV leaves the green zone for the first time (.37 – .65) it then heads straight to red (1.94 – 2.18) This move to red lines up with the .786 cycle retrace from 2-day candle bodies, which is $47,095 this cycle. Will this time be different, with price making a hard stop in between? We’ll know soon enough, but so far everything is falling into place.”
CryptoCon first shared his analysis on Bitcoin back on October 21, when BTC was exchanging hands at $29k. He did forecast a price pause at around $36k; however, the Analyst believes BTC could continue its bullish run in 2024. Interestingly, this pattern was repeated by the end of 2020, reaching over $20k per coin and hitting new ATHs in early 2021.
It’s worth noting that CryptoCon is a long-term conservative analyst. His price prediction is similar to that of prominent analyst Michael van de Poppe, who’s targeting $50k in the coming months. Others like Luke Broyles believe Bitcoin could break above the six digits, reaching $3M per coin in just a few years.
You can also check out other, more shocking BTC price predictions in our recent video: