According to Willy Woo, Bitcoin analyst and managing partner at CMCC Crest, we are just at the beginning of a Bitcoin bull market, as the current price of $71,000 for Bitcoin is equivalent to the $20,000 mark of the previous bull cycle.
Bitcoin surpassed the $71,000 threshold three days after Ethereum exceeded the $4,000 mark for the first time since 2021, on March 11.
Key Points
As Bitcoin continues to rise, predictions from well-known figures are swiftly following.
Accordingly, numerous analysts anticipate a significant momentum gain in the Bitcoin price soon.
According to Dave the Wave, the $170,000 level could be reached by May.
Despite Bitcoin surpassing $71,000, according to Woo's price model that uses a combination of various data to gauge investor behavior, the bull cycle is just getting started. In a post dated March 11, Woo stated.
Bitcoin at the $71,000 level positions us within the visual models of upper and lower bounds. Currently, the upper limit is $337,000. This indicates that the bull market is still in its early phase, equivalent to the $20,000 level of the previous cycle.
According to Bitcoin analyst Dave the Wave, if the upward momentum continues based on technical indicators like the weekly Moving Average Convergence Divergence (MACD), Bitcoin could reach the $170,000 mark by May. Investors often use the MACD to assess potential entry and exit points. In a post on March 11, the analyst mentioned.
If the emerging parabolic trend continues to evolve into a fully developed parabola, there could be a case for reaching approximately $170,000 by May.
Disclaimer: The information in this article is not intended as investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should make their transactions based on their own research.