Bitcoin (BTC) price is at $57,800 as this article is being prepared, and altcoins have yet to find the necessary environment for a rise. Amid lower-than-expected inflation data, Germany continued BTC sales. However, since BKA has less than 5,000 BTC left, the only issue now seems to be MTGOX.
Bitcoin Bull Market Target
Known as Arsen, the crypto analyst revealed the bull market target in his latest market assessment. The expert, who claims that smart money (institutionals, market experts, those experienced in finance) is accumulating Bitcoin, supports the upward trend in crypto. He emphasizes that the cycles, which occur every four years and bring massive gains, are of no significance to experienced investors, which is why smart money continues to show interest.
For example, Bitcoin‘s first bull cycle in 2012 lasted 800 days and increased the price 90-fold. The subsequent 2016 and 2020 cycles also lasted approximately 800 days, with price increases of 30-fold and 12-fold, respectively.
“Notice how Bitcoin returns shrink by about ~60% in each successive cycle. This implies a 450% price increase in this cycle, pushing Bitcoin to $330,000 per coin.”
Cryptocurrency Commentary
The analyst’s cycle target is $330,000, but BTC is still at $57,700. However, roughly 4 months ago, a new ATH level close to $74,000 was set. Thus, the current regions represent a 23% drop, which can be considered normal in a bull season and does not jeopardize the cycle.
The CryptoQuant report confirms that whales are actively buying with the drop in BTC price.
“Whale holdings have grown by 6.3% with the fastest monthly increase since April 12. The increase in whale holdings is a sign that Bitcoin demand is rising.”
Not everyone expects a rise; Markus Thielen, an analyst at 10x Research, said that due to the double top, the king of cryptocurrencies could make new lows below $50,000 in the coming weeks. An analyst named Poppe expects a drop to around $52,800 in the short term.
