Emily Walker
The conversation around Bitcoin’s price approaching the $100,000 milestone is dominating the cryptocurrency space. Bitcoin has marked four consecutive days of new all-time highs, recently hitting an intraday peak of $99,645 within the last 24 hours.
The prevailing optimism indicates that this bullish trend is just beginning. A crypto analysis source (Stockmoney Lizards) believes Bitcoin is in the midst of its anticipated peak for this cycle, signaling that the current price increase is a segment of a broader upward movement.
Satoshimeter Indicates Bitcoin Can Grow Further
The Satoshimeter, a tool created by Stockmoney Lizards for technical analysis, leverages on-chain information to track Bitcoin’s market cycles. It has shown accuracy in identifying market highs and lows. Past readings around 1.6 have often indicated bear market bottoms, as seen in 2011, 2015, 2019, and 2022, while readings exceeding 20 signify the peaks of bull markets.
Since the year began, Bitcoin has seen a remarkable price increase and shows no indication of slowing. Specifically, its value has surged by 163% over the last year, according to data from Coinmarketcap. Even with this rise, the Satoshimeter is currently positioned in a middle range, suggesting there is still ample opportunity for Bitcoin to climb before reaching a peak in this cycle.
Stockmoney Lizards pointed out that while short-term price drops may occur, they are normal for a healthy market pattern. This indicates that while Bitcoin may experience some consolidation, reaching the $100,000 mark is far from signaling the end of this upward trend.
Future Prospects for Bitcoin Pricing
A decisive rise above $100,000 would be a significant achievement in Bitcoin’s history; however, current market trends imply that this might just be the beginning of multiple milestones for this bullish phase. In another analysis, crypto expert Stockmoney Lizards suggested that Bitcoin might soon undergo a second sharp increase, potentially exceeding the $120,000 mark by April 2025.
While this forecast is notably bullish, it pales in comparison to others in the crypto field. PlanB, known for the Stock-to-Flow (S2F) model, forecasts Bitcoin might climb as high as $1,000,000 by December 2025. Despite these bold predictions, caution is essential as Bitcoin seems to be nearing an overheated state according to the MVRV ratio indicator.
As of the latest update, Bitcoin is trading at $98,550.