The Bitcoin bull market is still in its early stages, as the current price of $71,000 is equivalent to the $20,000 mark of the previous bull cycle, according to Willy Woo, a Bitcoin analyst and managing partner at CMCC Crest. Woo’s Bitcoin price model suggests that the upper bound could reach $337,000.
Bitcoin broke the record for reaching $71,000 on March 11, 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 measure investor behavior. According to him, the recent breakout of the Bitcoin Macro Index above the upper blue band indicates that we are in a full fundamentals-driven bull market.
Analyst Rekt Capital believes that the current bull market dynamics could lead to an earlier macro top compared to previous cycles. He suggests that the peak of the crypto market could be reached by late 2024.
Another Bitcoin analyst, CryptoCoin, also expects the four-year cycle of Bitcoin to accelerate by as much as one year.
Pseudonymous Bitcoin analyst Dave the Wave predicts that if the bullish momentum continues, Bitcoin could rally towards the $170,000 mark by May. He bases this prediction on technical indicators such as the weekly moving average convergence divergence (MACD).
However, these price targets may seem modest in the current bull market. Cathie Wood, the founder of Ark Invest, stated 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 pulled forward the timeline for reaching this target.
Please note that this article does not provide investment advice or recommendations. It is important for readers to conduct their own research before making any investment decisions.