As a researcher with a decade of experience in the cryptocurrency market, I have seen my fair share of price surges and crashes. The current situation with Bitcoin (BTC) approaching $100,000 reminds me of the cautious optimism we felt during Q2, 2020, when we were all eagerly awaiting BTC to conquer the $10,000 level.
As a crypto investor, I find myself excited as Bitcoin (BTC), the leading cryptocurrency, inches closer to the $100,000 mark. While some analysts are quick to label the markets as overheated, the researchers at CryptoQuant offer a different perspective, suggesting that we’re still far from reaching our peak. The current situation reminds me of the cautious optimism that characterized Q2, 2020.
Bitcoin (BTC) enters third phase of its cycle: What does this mean?
According to the SMA Multiplier chart analysis, Bitcoin (BTC), the initial cryptocurrency, has recently moved back into a phase of its price cycle that’s often referred to as “orange.” This means it’s now in the third stage of an uptrend out of eight such stages observed over past years. Axel Adler, a respected community member at CryptoQuant, has pointed this out.
The orange dot has arrived. Red, purple, blue, navy, and black – is coming.
— Axel 💎🙌 Adler Jr (@AxelAdlerJr) November 23, 2024
According to the speaker’s explanation, the model employs a straightforward moving average of Bitcoin’s daily prices over a four-year period (or 1,458 days). Subsequently, it determines a value known as the SMA Multiplier by comparing the current price to this moving average.
To determine if we’re still in the early stages, the model assigns different multipliers to color ranges: Green for values less than 1.5, Yellow for 1.5-2, Orange for 2-2.5, and so on. Throughout each cycle, Bitcoin (BTC) moves through various color zones including green, yellow, orange, red, purple, blue, navy, and black.
At present Bitcoin (BTC) price levels under $100,000, it falls into what’s known as the “orange zone” on a logarithmic scale, where the model is shown.
As a crypto investor, I’m feeling optimistic about the current market cycle, as per the confirmation from CryptoQuant CEO Ki Young Ju. His model suggests that this phase remains net bullish for Bitcoin enthusiasts like myself.
Bitcoin cyclical top still has a long way to go.
Currently, the price increase in Bitcoin (BTC) seems reminiscent or similar to the periods around late Q3, 2019, and Q2, 2020, where the digital currency was attempting to reach the $10,000 mark.
Bitcoin (BTC) price discovery patterns hint at seven-digit levels
In a “descending” trend, Bitcoin (BTC) approached regions reminiscent of those preceding the collapse of the Terra/Luna system back in May 2022.
On November 22nd, Bitcoin (BTC) reached a new peak of more than $99,600 on prominent trading platforms, according to information from CoinGecko.
More recently, the CEO of CryptoQuant, Ki Young Ju, has presented two possible “skyrocketing” patterns that could determine Bitcoin’s (BTC) price movement during this phase.
#Bitcoin parabolic bull scenario during price discovery
— Ki Young Ju (@ki_young_ju) November 22, 2024
If the trend from 2017 reoccurs, the potential price for Bitcoin (BTC) would be around $1.15 million. However, a more conservative prediction based on 2020’s pattern suggests that the maximum could be $262,000.
Read More
- EUR ARS PREDICTION
- ULTIMA PREDICTION. ULTIMA cryptocurrency
- EUR CAD PREDICTION
- POWR PREDICTION. POWR cryptocurrency
- XRP PREDICTION. XRP cryptocurrency
- CHR PREDICTION. CHR cryptocurrency
- YNE PREDICTION. YNE cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- EUR VND PREDICTION
2024-11-23 16:18