The surge in Bitcoin price toward the $100,000 threshold is the focal point of the cryptocurrency sector. Remarkably, the Bitcoin price has achieved new record highs for four successive days as it approaches this $100,000 price target, with the most recent being an intraday peak of $99,645 within the last 24 hours.
Curiously, the prevailing bullish sentiment indicates that this upswing is far from complete. As per one cryptocurrency analyst (Stockmoney Lizards), Bitcoin is currently in the midst of its anticipated apex this cycle, and the present increase is merely one segment of a more extensive upward movement.
Satoshimeter Indicates Bitcoin Price Has A Long Journey Ahead
The Satoshimeter is a technical evaluation instrument created by Stockmoney Lizards. It employs on-chain metrics to observe Bitcoin’s market fluctuations and has shown relative accuracy in forecasting market peaks and troughs. For example, values around 1.6 generally signify the lowest points of bear markets, as documented in years such as 2011, 2015, 2019, and 2022. Conversely, the pinnacles of bull markets are indicated by metrics exceeding 20 on the Satoshimeter.
The Bitcoin price surge has experienced a significant uptick since the start of the year and appears to show no indications of a slowdown in the near future. Specifically, Bitcoin’s value has risen by 163% over the past year, according to Coinmarketcap statistics. Despite the current rally, the Satoshimeter presently resides in a middle-range zone, implying that the cryptocurrency has considerable potential for growth prior to hitting a cycle high.
Stockmoney Lizards pointed out that while the recent price escalation may encounter short-term corrections, these fluctuations are typical in a thriving market trend. This suggests that Bitcoin’s value might experience periodic retracements as it solidifies its gains, but the Bitcoin price at $100,000 is certainly not the peak of this cycle.
Long Journey Ahead For BTC Price
A definitive breakthrough above $100,000 would unquestionably mark a significant achievement for the Bitcoin price history. However, the existing market atmosphere suggests it would merely be the first of numerous milestones to be reached in this bullish cycle. For instance, cryptocurrency analyst Stockmoney Lizards anticipated in another assessment that Bitcoin is poised to enter a secondary parabolic phase, projecting a rise past the $120,000 price threshold by April 2025.
Although this price forecast is notably optimistic, it pales in comparison to estimates from various cryptocurrency analysts. PlanB, the originator of the well-known Stock-to-Flow (S2F) model, has proposed an even bolder projection. He speculates that Bitcoin could achieve a valuation as high as $1,000,000 by December 2025. Despite these ambitious forecasts, prudence is advised, particularly as Bitcoin seems to be approaching an excessively inflated range on the MVRV ratio indicator.
At the moment of writing, Bitcoin is trading at $98,550.
Featured image created with Dall.E, chart from Tradingview.com
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