Bitcoin, the leading cryptocurrency, is showing no signs of stopping after surpassing its ATH of $69,000 in 2021. At this point, a new ATH arrived today and $72,000 was exceeded.
While investors were wondering whether the rise in BTC would continue, popular cryptocurrency analyst Willy Woo shared a Bitcoin post that will make investors happy.
Continuing the bullish trend for Bitcoin, Woo made a surprising prediction of $337,000 for BTC.
Trying to determine lower and upper limits for Bitcoin depending on many factors, Woo identified a potential upper limit for Bitcoin that predicts a significant peak of $337,000.
When determining this peak, the analyst drew attention to the Bitcoin Macro Index (BMI), which is a combination of 17 macro signals and signals a complete bull market.
In addition to the BMI indicator, Woo emphasized that there is an inflow of $1.8 billion per day into the Bitcoin network, and said that these inflows indicate strong investor confidence, which is positive for the BTC price.
As a result of his analysis, the analyst found a peak level of $ 337,000 for BTC in this cycle and called on investors to be cautious. Drawing attention to the SOPR indicator at this point, the analyst said that according to this indicator, investors may take action to take potential profits, which will put pressure on the price. At this point, Woo claimed that a period of consolidation was approaching in Bitcoin.
“BTC at around $71,000 brings us to $337,000 as the upper and lower bound models.
So this bull market is still in its early stages. At this point the current price is equivalent to $20,000 of the last bull cycle.
The last cycle did not reach the upper limit due to the BTC paper flood, which is less dominant in this cycle.
MI allows investors, miners, etc. It is a combination of 17 fundamental and technical macro signals covering behavior.
This week we broke the upper blue band, which signals that we are in a fundamentals-based bull market.
The only thing worth noting is that SOPR, a measure of profit on the network, is near peak levels. From now on, we can expect a period of consolidation in Bitcoin. “It hasn't quite peaked, but consolidation is expected soon.”
Bitcoin, which rose to $72,200 during the day, continues to be traded at $71,887 at the time of writing.
BTC at 71k puts us *here* in visual of the upper and lower bound models. Upper bound right now is 337k. So this bull market is still early, equivalent to 20k of last cycle.
Last cycle didn't hit the upper bound due to the flood of paper BTC, this is less dominant this cycle. pic.twitter.com/ZHUeC4FmFn
— Willy Woo (@woonomic) March 11, 2024
*This is not investment advice.
