Key Points
- Bitcoin analyst Willy Woo suggests that the Bitcoin bull market is just beginning with a price model upper bound of $337,000.
- Other analysts predict an expedited four-year cycle and potential Bitcoin peak by late 2024.
Bitcoin Bull Market in Early Stages, Suggests Analyst
Bitcoin's 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 price model indicates an upper bound of $337,000 for Bitcoin. This model is based on various metrics designed to measure investor behavior.
Accelerated Four-Year Cycle and Potential Peak
Analyst Rekt Capital suggests that the current market dynamics could lead to an earlier macro top than previous cycles. This perspective indicates a potential bull market peak between December 2024 and February 2025.
Similarly, Bitcoin analyst CryptoCoin anticipates an acceleration of Bitcoin's four-year cycle by up to a year. This could mean a potential peak in late 2024.
Pseudonymous analyst Dave the Wave predicts a potential rally towards a $170,000 Bitcoin price by May, based on technical indicators like the weekly moving average convergence divergence (MACD).
However, these price targets seem modest in the current bull market. Cathie Wood of Ark Invest stated in early March that their long-term Bitcoin price target is significantly over $1 million. This projection was made following the regulatory approval of spot Bitcoin exchange-traded funds in the United States.
