Famous crypto analyst CryptoCon believes that Bitcoin (BTC) will eventually rally 25% above its all-time high.
Notably, the analyst was not swayed by the hawkish stance of the Federal Reserves but tips Bitcoin to hit a cycle peak of $123,832.
Also, the analyst made these assertions a few hours after the release of the Fed’s meeting brief.
Remarkably, the interest rates remain unchanged, with only one reduction planned in 2024.
Meanwhile, CryptoCon supported his BTC price theories using the Magic Bands model.
This model splits the price cycle into different levels that depend on previous peaks and bottoms.
CryptoCon Foresees Bitcoin Price Rally Ahead
Notably, the Magic Bands model supports the theory that BTC will break through one primary level: its current all-time high.
Source: X
Also, Bitcoin’s next price move will depend on its performance in previous market cycles.
However, CryptoCoin insisted that the $91,539 target will remain untouched and unchanged for BTC.
So, based on the model, BTC is currently within level 2.5. However, once it rises to $91,539, its next price destination will be the cycle top target of $123,832.
Moreover, Bitcoin will have to rally approximately 34% from its current level of $68,000 to trade at $91,539.
CryptoCon’s Predictions, Others Ignore the Feds’ Hawkish Tone
Often, Bitcoin and other cryptocurrencies react to economic data, especially from the United States.
However, the SEC’s aggressive stance might favor Bitcoin.
This is because most investors tend to adopt riskier assets like Bitcoin when the CPI data is positive.
Conversely, the crypto market records massive outflows when inflation rates increase.
Further, crypt analyst Michaël van de Poppe noted that many people expected the FOMC’s decision to leave interest rates unchanged.
Also, he believed that the Federal Reserve Chairman Jerome Powell’s speech benefited Bitcoin.
However, some other analysts believe that the Federal Open Market Committee (FOMC) may have unrealistic expectations.
Notably, Bitcoin gained $1,500 within seconds after the release of CPI data.
Historically, a lower CPI is bullish for Bitcoin, while a higher one leads to bearish moves.
However, BTC has dropped once more to $66,000 due to pressure from sellers.