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Tuesday, May 21, 2024

Bitcoin (BTC) Price Has Not Peaked Yet, According to This Metric

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A bull market is characterized by a phase in which investor demand surpasses the available supply, leading to heightened market confidence and upward price movements.

While the ongoing bull market has shown considerable promise, its peak has yet to be reached, according to some on-chain metrics.

Bull Market Still in Full Swing

Bitcoin is currently trading at $67,500, reflecting an increase of over 205% in the last twelve months. However, according to experts, it appears that we are still in the initial stages of the Bitcoin bull market, which is anticipated to extend well into 2025.

In addition to the excitement surrounding the introduction of spot ETFs this year, the upcoming halving event, known to trigger further price appreciation historically, is further bolstering the ongoing bullish trend.

A similar sentiment was echoed by CryptoQuant in its latest analysis, which said that the cryptocurrency market has not yet reached the peak of the current bull cycle. Their assessment focuses on the number of active Bitcoin addresses, a crucial metric for gauging investor activity.

Historically, this metric tends to rise twice within a cycle: once as a bear market transitions into a bull one and again as it approaches its peak. In early 2023, this indicator signaled the end of the bear market.

Currently, with the number of active addresses suggesting the market is in the midst of a bull cycle, it’s evident that the peak hasn’t yet been reached.

CryptoQuant anticipates that the market will eventually enter the overheating zone, which will be marked by a rapid increase in active addresses. However, based on the analysis, that moment has not arrived just yet.

$300,000 Target at The Peak of Next Bull Run

Tether co-founder William Quigley made a bold prediction this week, suggesting that Bitcoin could potentially soar to $300,000 during the peak of its upcoming bull run. In an interview with CNBC, the exec said that if historical patterns persist, Bitcoin could potentially surge another 350% from its current levels.

“I’m not predicting this, I’m just saying if you apply historical patterns, it would suggest Bitcoin being in excess of $300,000 at the peak of this next bull market.”

Something similar was echoed by the author of the Rich Dad, Poor Dad book, who believes BTC will skyrocket in the following months to $300,000.

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