According to Willy Woo, a Bitcoin analyst and managing partner at CMCC Crest, we are still in the early stages of the Bitcoin bull market. Woo believes that the current Bitcoin price of $71,000 is equivalent to the $20,000 mark of the previous bull cycle. This suggests that there is still significant room for growth.
Woo has developed a Bitcoin price model with an upper bound of $337,000. He bases this model on a combination of various metrics that aim to assess investor behavior. In a Twitter post on March 11, Woo stated that despite Bitcoin surpassing $71,000, the bull cycle is just getting started.
To further support his argument, Woo points to the Bitcoin Macro Index, which recently broke the upper blue band. This indicates that we are in a full fundamentals-driven bull market. Woo shared a chart depicting this index to illustrate his point.
Another analyst, known as Rekt Capital, suggests that the current bull market dynamics could lead to an earlier macro top compared to previous cycles. In a Twitter post on March 11, Rekt Capital presented a chart showing the Bitcoin Liquid Index and suggested that the market could peak earlier than expected.
CryptoCoin, another Bitcoin analyst, also believes that the four-year cycle of Bitcoin could accelerate by as much as one year. In a Twitter post on March 11, CryptoCoin expressed this view.
In terms of price predictions, pseudonymous Bitcoin analyst Dave the Wave suggests that Bitcoin could rally towards the $170,000 mark by May, if the bullish momentum continues. Dave the Wave bases this prediction on technical indicators such as the weekly moving average convergence divergence (MACD).
However, these price targets may be modest compared to some predictions. For example, Cathie Wood of Ark Invest stated on March 7 that their long-term price target for Bitcoin is “well above” $1 million. Wood believes that the recent regulatory approval of spot Bitcoin exchange-traded funds in the United States has accelerated the timeline for reaching this target.
It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and make informed decisions when it comes to investing and trading.