Bitcoin price growth towards the $100,000 level Is talk about the crypto industry. Notably, Bitcoin’s price has hit recent all-time highs for four consecutive days on its path to the $100,000 price level, with the most recent achievement being an intraday high of $99,645 in the last 24 hours.
Interestingly, the continued bullish sentiment suggests that the rally is far from over. According to one cryptocurrency (Stockmoney Lizards), Bitcoin is still in the middle of its predicted peak this cycle, and the current pump is just one phase greater upward trajectory.
Satoshimeter says Bitcoin price still has a long way to go
Satoshimeter is a technical analysis tool developed by Stockmoney Lizards. Satoshimeter uses on-chain data to monitor Bitcoin market cycles and is relatively good at predicting market highs and lows. For example, readings around 1.6 typically mark bear market lows seen in years such as 2011, 2015, 2019, and 2022. Bull market highs, on the other hand, are highlighted by readings above 20 on the Satoshimeter.
Bitcoin’s price rally has seen significant growth since the beginning of the year and shows no signs of stopping anytime soon. In particular, according to Coinmarketcap data, the price of Bitcoin has increased by 163% in the last 12 months. Despite Bitcoin’s continued growth, Satoshimeter is currently in the mid-range area, suggesting the cryptocurrency has significant room to grow before reaching a cycle high.
Stock lizards he emphasized it while the recent price escalate may cause a short-term correction, it is part of a robust market trajectory. This means that Bitcoin’s price may see periodic declines as gains consolidate, but a Bitcoin price of $100,000 is definitely not a high in this cycle.
A long way to go for the BTC price
A final break above $100,000 would undoubtedly be a milestone in the history of Bitcoin prices. However, current market sentiment suggests that this would be just the first step of many milestones leading to the start of a bull cycle. For example, cryptocurrency analyst Stockmoney Lizards predicted another analysis that the Bitcoin price will soon enter its second parabolic run, as a result of which it will exceed the $120,000 mark by April 2025.
While this price target is very bullish, it pales in comparison to predictions from other cryptocurrency analysts. PlanB, the creator of the popular Stock-to-Flow (S2F) model, has set an even more ambitious goal. He suggests that Bitcoin could reach a price of as much as $1,000,000 by December 2025. Despite these ambitious goals, caution is warranted, especially since Bitcoin appears to be approaching an overheated zone on the MVRV coefficient indicator.
At the time of writing, Bitcoin is trading at $98,550.
Featured image created with Dall.E, chart from Tradingview.com
