- 1 Analysts are optimistic about BTC’s future price targets, with one highlighting the potential of hitting the $91,539 and $123,832 levels, respectively.
- 2 BTC liquidity is low due to being trapped in a range with a volume-to-market cap of 2.70%.
After the tremendous spark that started in the last quarter of 2023 and went above $73,000 by March, the market leader Bitcoin (BTC) has consolidated for over a 90+days. The range has narrowed, and the upward trendline has been respected over the daily chart.
Moreover, BTC crypto optimized by 0.40% in market value and surged by 18.32% in trading volume in the last 24 hours, per CoinMarketCap. Its market value is $1.3 Trillion, and the trading volume is $36.041 Billion. When writing, there is 93.86% supply in circulation out of the total supply of 21 Million BTC. The circulating supply stands at nearly $19.711 Million BTC in circulation.
However, since Bitcoin is trapped in a range, its liquidity is very low. The volume-to-market cap of 24 hours stands at 2.70%, which exemplifies weak liquidity.
The BTC is the number 1 ranked cryptocurrency by the market cap. Many analysts are optimistic about its forthcoming future and price targets. One of those analysts, Crypto Con, has shared some exciting information.
How is Magic Band Helping an Analyst Predict BTC Above $120 K?
An analyst Crypto Con tweeted on the X platform highlighted a chart drawing that showed Magic Bands’ significant utilization as a tool.
He stated from the chart that in every significant move that came big in Bitcoin (BTC), the magic bands have breached the level 2 break and have hit the Cycle top target.
He also marked some historic cycle tops in his drawing and stated that the asset had struck cycle top first in 2013, which happened in the 1st cycle of 2010-2014. The price hit the next top in 2017, in the 2nd BTC cycle of 2015-2018. The last witnessed cycle top was in 2021, during the third cycle of 2019 – 2020.
Crypto Con Chart Drawing With Magic Bands | By X Platform
He further stated that this is the fourth cycle the current market lies in, lasting from 2023 to 2026. He highlighted this in his drawing by zooming in on the current cycle price structure.
The analyst stated that cycle levels 1 and 2 had already been breached in the magic bands, which were at $35,448 and $53,649. According to the magic band tool, cycle levels 3 and 4, the cycle’s top targets would be $91,539 and $123,832, respectively.
Optimistic Analyst PoV on Bitcoin (BTC)!
In his tweet post, Crypto Con said this cycle has already begun, as shown in the chart drawings. Still, he also highlighted that after hitting the current peak of around $73,000, the BTC had been consolidating for more than three months. Besides, the level 3 target of $91,539 has been left untouched and unchanged for the Market leader Bitcoin.
$91,539 target left untouched and unchanged for #Bitcoin.
— CryptoCon (@CryptoCon_) June 12, 2024
Taking some time to reach it at Level 3 of the Magic bands but it's the next step.
All in due time… pic.twitter.com/Pwimj05ZQb
He further optimistically said it’s taking some time to reach its price at level 3 of the magic bands, but it’s the next step in due time. The analyst stated he is optimistic about future gains and the possibility of reaching level 3 and 4 targets.
It is optimistic news for investors and traders that prominent analysts like CryptoCon are aiming big, and many more are bullish. However, the traders and investors should be cautious.
Bitcoin (BTC) Indicator Standpoints!
At press time, the BTC traded at $67708, with an intraday decline of 0.80%.
The Bitcoin indicators are fuzzy due to the consolidation observed in the last three months. 50-day and 200-day EMAs are bullish, but MACD and RSI are bearish.
Summary
BTC experienced a surge in market value and trading volume but has been consolidating for over 90 days. Meanwhile, Its liquidity is low due to being trapped in a range, with a volume-to-market cap of 2.70%.
Analysts are optimistic about Bitcoin’s future price targets, with one highlighting the potential of hitting cycle levels 3 and 4 at $91,539 and $123,832, respectively. However, traders and investors should be cautious due to the mixed indicators and the intraday decline of 0.80% in the current trading price of BTC.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
