The world’s largest cryptocurrency Bitcoin (BTC) It managed to hit the all-time high (ATH) above $67,800 and the price continued its exploration, gaining momentum. Since November 9, Bitcoin continued to maintain its bullish momentum on technical charts.
That daily candle on #bitcoins work 🔥 pic.twitter.com/PIO8pCOLBL
— Lark Davis (@TheCryptoLark) November 9, 2021
Bitcoin (BTC) bulls target for this week is $70,000. Plan BAccording to the “stock flow model” of BTC, BTC is pretty close to its $100,000 price target at the end of the year. The analyst says the BTC price averaged at the end of this bull cycle. $288,000He thinks he can even reach .
As you know S2F model predicts $100K average for this halving period (and based on floor model we reach $100K this yr). But S2FX model predicts $288K average this cycle (we need some real fireworks in 2022 for that). Let’s see where this 2nd leg of the bull market will take us🚀 pic.twitter.com/ttiNT5yMKe
— PlanB (@100trillionUSD) November 8, 2021
According to Analysts, the Bull Run is Just Getting Started!
Although Bitcoin is trading at an all-time high, this may be just the beginning of the next bull run, according to historical charts. The charts below illustrate this. 2013 and 2017 Bitcoin bull runs comparing. The chart also shows that if BTC repeats the behavior of previous full runs, we could see a top anywhere above the $200,000 levels.
Although Bitcoin has recently reached its highest value, according to analysts, the market is not excited enough about this situation. Analysts, who cite the May 2021 period as an example, think that we are far behind that period. Analyst Lark DavisAccording to , the reason for this increase was not retail buyers, but institutional buyers.
On-chain data provider centimentconfirmed this by stating that the accumulation of “mega whales” continues. The data provider noted:
“Bitcoin (BTC), had a big rise early on Monday and most #altcoins As it fell behind, its value rose above $66,000 in a short time. Big whale addresses holding between $10,000 and $100,000 BTC have accumulated $43,000 more BTC in just the last 5 days, increasing their wallets by +2.1% on average.”
According to the analysis, Bitcoin bulls seem to be on hold for bigger rises right now.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.