The recent surge in the Bitcoin price towards the $100,000 mark has captured the attention of the cryptocurrency industry. Over the past four days, Bitcoin has reached new all-time highs, with the latest peak hitting an intraday high of $99,645. This ongoing bullish sentiment suggests that the rally is far from over, with experts like Stockmoney Lizards predicting that Bitcoin is still in the middle of its projected peak for this cycle. The current pump is just one phase of a larger upward trajectory, indicating that there is still room for growth before reaching a cycle peak.
The Satoshimeter, a technical analysis tool developed by Stockmoney Lizards, uses on-chain data to monitor Bitcoin’s market cycles. It has been accurate in predicting market peaks and lows, with readings above 20 signaling the peaks of bull markets. Despite the significant surge in the Bitcoin price over the past year, the Satoshimeter currently sits in a mid-range area, suggesting that there is still substantial room for growth before reaching a cycle peak. While short-term corrections may occur, they are seen as part of a healthy market trajectory, indicating that the $100,000 price level is not the peak for this cycle.
A break above $100,000 would be a major milestone for the Bitcoin price history, but it is just the beginning of many milestones in this bull cycle. Analysts like Stockmoney Lizards project that Bitcoin is on the verge of entering a second parabolic run that could see it surpassing the $120,000 mark by April 2025. Other analysts have even more ambitious targets, with projections suggesting that Bitcoin could reach as high as $1,000,000 by December 2025. However, caution is advised as Bitcoin approaches an overheated zone on the MVRV ratio indicator.
Currently, Bitcoin is trading at $98,550, with the price struggling to break the $100,000 mark. The chart from Tradingview.com reflects the ongoing price movements and the challenges faced by Bitcoin in reaching this significant milestone. As the cryptocurrency market continues to evolve and Bitcoin’s price remains volatile, investors and analysts are closely monitoring the developments to determine the future trajectory of the leading cryptocurrency.
