According to Willy Woo, a Bitcoin analyst and managing partner at CMCC Crest, the current Bitcoin bull market is still in its early stages. Woo believes that the recent BTC price of $71,000 is equivalent to the $20,000 mark of the previous bull cycle. He has developed a Bitcoin price model with an upper bound of $337,000.
On March 11, Bitcoin broke its previous record and reached the $71,000 mark. This milestone occurred just three days after Ether surpassed the $4,000 mark for the first time since 2021.
Woo’s price model is based on a combination of various metrics that aim to assess investor behavior. He stated in a post on X (formerly Twitter) on March 11 that despite Bitcoin surpassing $71,000, the bull cycle is just beginning.
Woo also shared a chart showing the Bitcoin Macro Index, which broke the upper blue band. According to Woo, this indicates that we are currently in a full fundamentals-driven bull market.
Another analyst, Rekt Capital, believes that the current bull market dynamics could lead to an earlier macro top compared to previous cycles. In a post on X on March 11, Rekt Capital shared a chart of the Bitcoin Liquid Index, suggesting that the peak of the crypto market could be reached by late 2024.
CryptoCoin, another Bitcoin analyst, also expects the four-year cycle of Bitcoin to accelerate by up to one year. In a post on X on March 11, CryptoCoin shared this prediction.
Dave the Wave, a pseudonymous Bitcoin analyst, has a price target of $170,000 for Bitcoin by May if the bullish momentum continues. Dave the Wave based this prediction on technical indicators, including the weekly moving average convergence divergence (MACD).
However, these price targets may seem modest in comparison to Cathie Wood’s long-term price target for Bitcoin. Wood, the CEO of Ark Invest, stated on March 7 that their target 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 their target.
It’s important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and analysis before making any investment or trading decisions.