Bitcoin's Ongoing Bull Cycle Suggests Potential Sale Point at $110,000, Eyes on $130,000 post-April 2024
Summary:
On-chain analytics platform, Look Into Bitcoin, suggests Bitcoin (BTC) may next be a "sell" at at least $110,000 in its ongoing bull cycle. Predictions for the next block subsidy halving in April 2024 point to values upward of $130,000, with expectations of a cycle peak near the end of 2025. The Terminal Price, a value derived from calculations of dormant activity, serves as a guide to estimating long-term price highs. Analysts suggest that this may be a reliable indicator for sale decisions. The upward trajectory of Terminal Price indicates $110,000 may be a conservative target for the next cycle's all-time high.
Predictions surrounding Bitcoin's (BTC) future trajectory suggest that the cryptocurrency could potentially be a "sell" when it hits at least $110,000, in accordance with its ongoing bullish cycle. This information comes from on-chain analytical platform Look Into Bitcoin which reveals an indication of Bitcoin’s Terminal Price directing towards a six-figure BTC price peak.
Presently, Bitcoin's value gravitates around its 18-months high. This circumstance invokes predictions on the possible heights it might scale in the near and distant future. Post the upcoming block subsidy halving in April 2024, the expectations are aiming for Bitcoin to reach a staggering $130,000. The climax of this cycle is anticipated around the end of 2025.
Philip Swift, the creator of Look Into Bitcoin, underscores the Terminal Price, referring to it as a "simple" methodology for anticipating the long-term zeniths of Bitcoin's price. The Terminal price's computation is based on Bitcoin's Transferred Price – this value is derived by dividing Coin Days Destroyed (CDD) with the existing supply. The CDD metric assesses the number of inactive days that get reset each time a transaction occurs. It serves as a tool to measure the action and intentions of Bitcoin holders.
Checkmate, the leading on-chain analyst at Glassnode, formulated the Terminal Price. It comes into play at every culmination of Bitcoin's price cycle. The Terminal Price isn't reached at every all-time high, but it was accomplished during the apex of 2017 and again initially in April 2021. However, the highest-ever peak of $69,000 recorded in November 2021, didn't meet the Terminal Price. Consequently, Swift suggests that the strategy of selling when prices are "near" Terminal Price might be well-suited. It's bear market equivalent, Balanced Price is also a good signifier of profitable market lows.
Terminal price's ascending trend suggests that $110,000 might evolve into a modest figure if the next all-time high only emerges later in the cycle. Besides, Swift also draws attention to the Pi Cycle Top indicator as it provides credible long-term high estimates. This cyclic top indicator, that uses dual moving averages for predictions, threw many off-guard in the last cycle and could possibly give away the next high – with only a few days of notice.
Published At
11/10/2023 2:20:04 PM
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