Bitcoin Breaks All-Time High, Sets Sights on New Heights
After several test runs, Bitcoin (BTC) has officially smashed through its all-time high and is now threatening to leave previous prices in the dust. As a new week begins, the crypto king jumped to as high as $72,211 before dipping to $71,996 at the time of publishing. This monumental move has fundamental and technical analysts gauging what’s next for Bitcoin.
The Real Bull Run is About to Begin
Quantitative analyst PlanB, known for adapting the stock-to-flow scarcity model to Bitcoin, believes that the real bull run is about to begin. He anticipates major fireworks once BTC’s halving occurs next month, which will reduce the amount of new BTC entering the market by half. PlanB expects Bitcoin to rally to at least $100,000 and potentially as high as $1 million if history is any guide.
Bitcoin’s Rise Has Just Begun
On-chain analyst Willy Woo agrees with PlanB’s assessment and states that Bitcoin’s rise from about $16,000 in November of 2022 was just the warm-up phase. According to Woo, the Bitcoin Macro Index, which tracks various fundamental and technical metrics, suggests that BTC is just beginning to break through. He believes that a full fundamentals-driven bull market will be marked by a break of the upper blue band on the chart.
Hot Take: What’s Next for Bitcoin?
As Bitcoin continues its upward trajectory and breaks its previous all-time high, many are wondering what lies ahead for the world’s largest cryptocurrency. Both PlanB and Willy Woo suggest that there is still plenty of room for growth and that this recent surge may just be the beginning of a larger bull run. Here are some key takeaways:
Bitcoin’s Halving Event
PlanB highlights the upcoming halving event as a catalyst for Bitcoin’s future price surge. The halving, which is set to occur next month, will reduce the rate at which new BTC enters the market. This scarcity factor has historically led to significant price increases for Bitcoin. PlanB believes that this event will propel BTC to new heights and potentially reach $100,000 or even $1 million.
The Warm-Up Phase
Willy Woo suggests that Bitcoin’s recent rise from $16,000 in November of 2022 was just the warm-up phase of a larger bull market. He points to the Bitcoin Macro Index, which tracks fundamental and technical metrics, as evidence that BTC is just beginning to break through. Woo predicts that when the upper blue band on the chart is breached, traditional financial institutions will be in for a shock.
Conclusion
Bitcoin’s recent surge past its all-time high has generated excitement among investors and analysts alike. As the cryptocurrency continues to gain momentum, experts like PlanB and Willy Woo believe that there is still significant room for growth. With Bitcoin’s halving event on the horizon and technical indicators pointing towards further upside potential, it appears that this may just be the beginning of an even larger bull run for Bitcoin.
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