Bitcoin Bull Market Still in Early Phase; $337K Upper Bound Projected by Analysts
Summary:
Bitcoin analyst, Willy Woo asserts the current Bitcoin bull market is in its infancy, comparing the current BTC value of $71,000 to the previous $20,000 peak. Woo’s Bitcoin price model sets the upper limit at $337K. Other analysts like Rekt Capital and CryptoCoin expect this bull run to reach new highs earlier than past cycles. Cathie Wood of Ark Invest has a long-term BTC price target of above $1 million, attributing the SEC's approval of the spot Bitcoin exchange-traded funds as a major milestone that accelerated the timeline.
The Bitcoin (BTC) bull market is still in its initial phase, as the current BTC value of $71,000 is comparable to the $20,000 peak of the preceding bull trend, says Willy Woo, a Bitcoin analyst and the administrative head at CMCC Crest. According to Woo's assessment, the ceiling for Bitcoin price in his model is $337K. The record-breaking $71,000 mark was surpassed by Bitcoin on March 11, three days post Ether hitting the $4,000 mark for the inaugural time since the previous year.
Even though Bitcoin has exceeded $71,000, the bull trend is in its early phase as per Woo's pricing model, which is designed with a variety of metrics for assessing investment behaviour. Woo on X (formerly known as Twitter) on March 11 posted that we're still in the initial stages of this bull market, akin to the $20,000 mark of the previous cycle.
Also, the Bitcoin Macro Index surpassed the upper blue limit this week, which Woo interprets as an indication of being in a completely fundamentals-driven bull market. He illustrated this with a shared chart.
As per analyst Rekt Capital, the current bull trend's dynamics might lead to a macro top sooner than earlier cycles. He suggests in a March 11 post on X that the next bull market crest may occur in about 266 - 315 days, which means around December 2024 to February 2025.
CryptoCoin, another Bitcoin analyst, also envisages Bitcoin’s four-year cycle to speed-up by nearly a year. He stated in his X post on March 11 that with Bitcoin figuring out price discovery mode and clocking new ATHs a year earlier than normal, we might be seeing the end of the 4-year cycle.
Dave the Wave, a pseudonymous Bitcoin analyst, sets a $170K BTC price target saying that Bitcoin could soar up to this mark by May given the continuation of bullish trends, as shown by technical indicators like the weekly moving average convergence divergence (MACD). This is often applied by traders to determine potential points of entry and exit.
Though as the bull market prospers, these price predictions are turning modest. For instance, Cathie Wood announced on March 7 that Ark Invest's long-term Bitcoin price target is significantly above $1 million. She mentioned that the timeline has been expedited by the SEC's green light for the spot Bitcoin exchange-traded funds in the United States.
Please note that this article doesn't offer investment guidance or recommendations. All trading and investment moves are risky, and readers should undertake their own study before making decisions.
Published At
3/11/2024 7:32:50 PM
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