After several test runs, Bitcoin (BTC), reached its highest level ever, leaving its previous records behind. As the new week began, Bitcoin, the flagship of cryptocurrencies, rose to $72,226. This movement allowed fundamental and technical analysts to gauge the next step. Two analysts have made significant assessments regarding this recent increase.
Analyst PlanB Evaluates Bitcoin’s Recent Surge
Cryptocurrency analyst PlanB, known for using the unique stock-to-flow model for Bitcoin, indicates that the start of a real bull market is approaching. With the upcoming halving of BTC next month, a significant rally is expected as the amount of new BTC entering the market will be halved. The analyst’s comment on this is as follows:
“Although many people oppose the stock-to-flow model, it was pushed downward in 2022 when prices fell. However, prices always stayed below the model and then surpassed it, reaching much higher levels. That’s what I expect. In fact, that’s what I’m hoping for.”
PlanB believes that BTC could rise to at least $100,000 and then up to $1 million,
Analyst Willy Woo Believes This Is Just the Beginning
On-chain analyst Willy Woo accepts that things are just getting started. According to him, Bitcoin’s rise from around $16,000 in November 2022 was just a warm-up. He refers to the Bitcoin Macro Index, which tracks the historical impact of a set of fundamental and technical metrics to determine BTC’s future.
According to Woo, this chart has not yet fully started to break. His view is as follows:
“Do you think this is a bull market? No, this was just a warm-up. A real fundamental bull market is marked by the breaking of the upper blue band. When that breaks, a situation that could shock traditional finance may occur.”
With today’s increase, optimism in the cryptocurrency market has now given way to an enthusiastic atmosphere. This enthusiasm can actually be measured from the pulse of the street. People who had never talked about Bitcoin and cryptocurrencies until yesterday are now making comments about these increases. As we write this article, looking at the BTC price, we see that it is moving above $72,000. BTC is at the level of $72,095.
