Bitcoin is predicted to grow to a record $ 90,000

A pseudonymous CryptoCon analyst is confident that bitcoin will surpass its current all-time highs by 25%, its next big move before breaking the cycle top of $ 123,982.

The Fed’s hawkish policy did not affect the technical analyst’s forecast that bitcoin will soon jump almost 25% above its all-time high of $ 73,679. «The $ 91,539 target for bitcoin remains intact and unchanged ,» wrote a pseudonymous CryptoCon technical analyst in a post on June 12, just hours after the Federal Reserve meeting minutes were published.

CryptoCon backed up his BTC $65,703.63 Bitcoin -0.33% Market capitalization $1.3 trillion VOL. 24 hours $0.63 billion prediction with the Magic Bands model, which breaks the cycle into different levels based on previous cycle peaks and lows to predict future prices. The model is based on the idea that as soon as the bitcoin price breaks through «one primary level» — the current historical high — it moves to the «next step» based on previous movements in the cycle.

According to the model, bitcoin is currently resisting within the 2.5 level. However, as soon as it breaks through this consolidation period, it will reach level 3 at $ 91,539, followed by the «top of the cycle» at $ 123,832.

According to CoinMarketCap, the rise to $ 91,539 will be 34% of the current price of $ 68,315. «It will take some time to reach the 3rd level of Magic bands, but this is the next step ,» CryptoCon added.