With Bitcoin‘s recent surge past the $71,000 mark, market analysts are signaling the early stages of a bull run, drawing parallels with the previous cycle’s high of $20,000. Bitcoin’s breakthrough took place on March 11, coinciding with Ethereum‘s ascent beyond $4,000 for the first time since 2021.
Analysts Project Bullish Trajectories for Bitcoin
Analyst Willy Woo introduces a new price model that considers a range of investor activity indicators. According to Woo, Bitcoin’s current level is a sign of a nascent bull market, with a potential upper boundary of $337,000. Woo’s model suggests the market’s present phase is comparable to the early stages of the last bull market when Bitcoin was valued around $20,000.
Illustrating Woo’s prediction, the Bitcoin Macro Index recently showcased a breach of the upper blue band, which traditionally signifies a robust bull market based on strong fundamentals. Meanwhile, analyst Rekt Capital foresees a possibility for Bitcoin’s bull market to peak sooner than past trends, potentially between December 2024 and February 2025, based on the current market speed.
Another viewpoint by analyst CryptoCoin posits that Bitcoin’s typical four-year cycle might be shortening by approximately one year, signifying accelerated market dynamics that could see a peak late in 2024, a deviation from the previously anticipated 2025 peak.
Optimism for Bitcoin’s Future Valuation
Dave the Wave, another Bitcoin analyst, suggests that if the current pattern of growth morphs into a full parabolic trend, Bitcoin’s value might hit around $170,000 as soon as May. He bases his prediction on technical analysis, including the weekly moving average convergence divergence (MACD), a tool used by investors to determine market entry and exit points.
Despite these projections, some speculate even more optimistic futures for Bitcoin’s valuation. Cathie Wood of Ark Invest has expressed a long-term price goal for Bitcoin exceeding $1 million, especially following regulatory developments that favor the cryptocurrency, such as the approval of spot Bitcoin exchange-traded funds (ETFs) by the SEC.