Bitcoin price Rising towards the $100,000 mark he Talking about the crypto industry. Notably, the price of Bitcoin has reached all-time highs for four consecutive days on its way to this price level of $100,000, and its last intraday high was at $99,645 in the past 24 hours.
Interestingly, the continued bullish sentiment suggests that this rally is far from over. According to one cryptocurrency company (Stockmoney Lizards), Bitcoin is still in the middle of its expected peak in this cycle, and the current pump is just one stage of Greater upward trajectory.
Satoshimeter says that Bitcoin price still has a long way to go
Satoshimeter is a technical analysis tool developed by Stockmoney Lizards. The Satoshimeter uses on-chain data to monitor Bitcoin market cycles and has been relatively good at predicting market peaks and troughs. For example, readings around 1.6 typically indicate the low points of bear markets, as seen in years like 2011, 2015, 2019, and 2022. On the other hand, bull market tops are highlighted by readings above 20 on the Satoshimeter scale.
The price rise of Bitcoin has been on a significant rise since the beginning of the year and shows no signs of stopping anytime soon. In particular, the price of Bitcoin has risen by 163% in the past 12 months, according to Coinmarketcap data. Despite Bitcoin’s continued rise, the Satoshimeter is currently in a mid-range zone, indicating that the cryptocurrency has plenty of room to grow before reaching the peak of the cycle.
Stock money lizards He emphasized that While the recent rise in prices may see corrections in the short term, these corrections are part of a healthy market trajectory. This means that the Bitcoin price may see periodic declines as it consolidates gains, but a Bitcoin price at $100,000 is certainly not the peak of this cycle.
BTC price has a long way to go
The recent break above $100,000 will undoubtedly be a milestone in Bitcoin price history. However, current market sentiment suggests that it will be just the first of many milestones to reach this bull cycle. For example, cryptocurrency analyst Stockmoney Lizards predicted Another analysis That the price of Bitcoin is about to enter a second parabolic path that would see it surpass the $120,000 price mark by April 2025.
Although this price target is very bullish, it pales in comparison Predictions from other crypto analysts. PlanB, creator of the popular stock-to-flow (S2F) model, has set a more ambitious goal. he It is suggested that Bitcoin Trading value could reach $1 million by December 2025. Despite these ambitious goals, caution is warranted, especially as Bitcoin appears to be… Approaching the overheated area On the MVRV ratio indicator.
At the time of writing, Bitcoin is trading at $98,550.
Featured image created with Dall.E, chart from Tradingview.com
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