Popular analyst Willy Woo is predicting a wild ride for the king of crypto, with a potential upper bound of $337,000 for the current cycle. Here’s why experts believe the party is just getting started.
Bitcoin recently shattered the $71,000 barrier, a new all-time high. However, according to Woo, this is just the beginning. His Bitcoin price model, which considers various investor behavior metrics, suggests this bull run is equivalent to the $20,000 mark of the previous cycle. In simpler terms, there’s a lot more room for growth.
Woo’s Model Points to Fundamentals-Driven Bull Market
Adding fuel to the fire, the Bitcoin Macro Index recently breached its upper blue band, signifying a “full fundamentals-driven bull market,” according to Woo. This suggests the current rally is backed by strong underlying factors, not just hype.
Could the Peak Come Sooner? Analysts Say Maybe
While Woo focuses on the long term, some analysts predict a potentially earlier market peak compared to previous cycles. Rekt Capital suggests the accelerated pace could lead to a peak in December 2024 or February 2025, while CryptoCoin believes the four-year cycle might be compressed by a year, putting the top in late 2024.
Target-Rich Environment: $170,000 to $1 Million and Beyond
Technical indicators also paint a bullish picture. Analyst Dave the Wave predicts a potential rally towards $170,000 by May if the momentum continues. However, these figures are getting dwarfed by even bolder predictions. Cathie Wood of Ark Invest has a long-term target “well above” $1 million, boosted by the recent green light for spot Bitcoin ETFs in the US.
Also Read: Bitcoin (BTC) to $300,000? Tether Co-founder Says Historic Patterns Point to a Post-Halving Surge
While these forecasts are exciting, it’s crucial to remember they are just that – predictions. The future remains uncertain, and the crypto market is notoriously volatile. Always conduct your own research before making any investment decisions.
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