When Will Bitcoin Reach A Local High Of $109,000

CryptoCon predicted in an X (formerly Twitter) post that the Bitcoin Fibonacci extension is set to push the flagship crypto over $100,000

A crypto analyst has highlighted a technical indicator that has always predicted each local high for Bitcoin in this bull run.

According to the analyst, the Bitcoin Fibonacci extension is set to push the flagship crypto over $100,000 as it rises to $109,236, a move which could happen by year-end.

However, the analyst’s prediction is dependent on the continuation of the “1-month-behind 2023” trend.

The analyst’s chart showed that Bitcoin has hit a local top this year, one month ahead of each local top in 2023. The last local top for Bitcoin in 2023 rolled over into 2024 and occurred in January 2024. Based on the trend, the next local top could happen in December rather than rolling over into the new year.

Bitcoin’s potential rise to $100,000 and even $109,000 is one that several other analysts, like Standard Chartered’s Head of Digital Assets Research Geoffrey Kendrick, have predicted to happen at some point.

Interestingly, Kendrick stated that Bitcoin would reach $100,000 ahead of the US elections in November and hit $150,000 by year-end if Trump wins the presidential election.

Meanwhile, based on CryptoCon’s most recent analysis, a rise to $109,000 is unlikely to be the market top for Bitcoin, as the flagship crypto still has a long way to go in this bull run. The analyst stated that he is convinced that Bitcoin still has over a year of the bull market to go based on the 3-week Fibonacci Channel RSI. This coincides with crypto analyst Rekt Capital’s prediction that the market top won’t come until sometime in September or October 2025.