Bitcoin Price And Satoshimeter: Analyst Says $100,000 Is Far From The Peak

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As a seasoned researcher and investor with over two decades of experience in the financial markets, I have witnessed numerous bull and bear cycles, from the dot-com bubble to the 2008 global financial crisis. The current Bitcoin price rally towards $100,000 is reminiscent of some of the most exciting market moments I’ve seen, but it’s important not to get carried away by short-term hype.

The recent surge in Bitcoin‘s value, pushing it close to the $100,000 mark, is generating a lot of buzz within the cryptocurrency sector. It’s worth mentioning that for four consecutive days, the price of Bitcoin has set new record highs as it approaches the $100,000 price point. The most recent peak was an intraday high of $99,645 in the last 24 hours.

As a crypto investor, I find myself intrigued by the persisting bullish vibe that hints at more gains to come. Following the analysis of Stockmoney Lizards, it seems Bitcoin is yet to reach its full potential in this cycle, and the current surge is merely one phase of a larger upswing trajectory.

Satoshimeter Says Bitcoin Price Still Has A Long Way To Go

The Satoshimeter is a specialized tool for analyzing Bitcoin market trends, created by Stockmoney Lizards. This tool employs data from the blockchain to track Bitcoin’s market cycles and has demonstrated remarkable accuracy in forecasting market highs and lows. For example, readings around 1.6 often signal the bottom of bear markets, as observed in years such as 2011, 2015, 2019, and 2022. Conversely, values above 20 on the Satoshimeter generally indicate the summit of bull markets.

The price of Bitcoin has seen a significant climb since January, with no signs of slowing down. Over the past year alone, its value has risen by 163%, as reported by Coinmarketcap. Interestingly, although Bitcoin’s upward trend continues, the Satoshimeter indicates that it still has ample potential for growth before reaching a peak in its cycle.

According to Stockmoney Lizards, although there might be temporary drops due to the recent price increase, these fluctuations are actually a normal part of a robust market trend. In other words, Bitcoin’s price may experience occasional dips as it strengthens its position, but reaching $100,000 is not the maximum for this phase; instead, it could continue to rise further in this cycle.

Long Road Ahead For BTC Price

Reaching a new high above $100,000 for Bitcoin would certainly be an important achievement in its price history. But this may just be the start of several significant milestones in this bull market cycle. For example, crypto analyst Stockmoney Lizards foresees another parabolic growth phase that could push Bitcoin’s value beyond $120,000 by April 2025 in a different analysis.

While this predicted price seems quite optimistic, it’s relatively modest compared to some other crypto analysts’ projections. In fact, PlanB, known for his Stock-to-Flow (S2F) model, proposes a significantly higher target: Bitcoin might trade at $1,000,000 by December 2025. However, it’s important to exercise caution, especially since Bitcoin seems to be moving towards an overheated zone on the MVRV ratio indicator.

At the time of writing, Bitcoin is trading at $98,550.

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2024-11-24 05:41