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The Bitcoin price rally towards the $100,000 mark is the talk of the crypto industry. Notably, the Bitcoin price has reached new all-time highs for four consecutive days on the path to this $100,000 price level, with the latest being an intraday high of $99,645 in the past 24 hours.
Interestingly, the ongoing bullish sentiment suggests this rally is far from over. According to one crypto (Stockmoney Lizards), Bitcoin is still in the middle of its projected peak this cycle, and the current pump is just one phase of a larger upward trajectory.
Satoshimeter Says Bitcoin Price Still Has A Long Way To Go
The Satoshimeter is a technical analysis tool developed by Stockmoney Lizards. The Satoshimeter uses on-chain data to monitor Bitcoin’s market cycles and has been relatively good in predicting market peaks and lows. For instance, readings around 1.6 typically mark the low points of bear markets, as seen in years like 2011, 2015, 2019, and 2022. On the other hand, the peaks of bull markets are highlighted by readings above 20 on the Satoshimeter.
The Bitcoin price rally has witnessed a notable surge since the beginning of the year and is showing no signs of stopping anytime soon. Particularly, the Bitcoin price is up by 163% in the past 12 months, according to Coinmarketcap data. Despite Bitcoin’s ongoing rally, the Satoshimeter currently sits in a mid-range area, suggesting that the cryptocurrency has substantial room for growth before reaching a cycle peak.
Stockmoney Lizards emphasized that while the recent price surge might see short-term corrections, these are part of a healthy market trajectory. This implies that the Bitcoin price could see periodic pullbacks as it consolidates gains, but the Bitcoin price at $100,000 is definitely not the peak for this cycle.
Long Road Ahead For BTC Price
A final break above $100,000 would undoubtedly be a major milestone for the Bitcoin price history. However, the current market sentiment suggests it would only be the first step of many milestones to hit this bull cycle. For instance, crypto analyst Stockmoney Lizards projected in another analysis that the Bitcoin price is about to enter a second parabolic run that would see it surging past the $120,000 price mark by April 2025.
Although this price target is very bullish, it pales in comparison to projections from other crypto analysts. PlanB, the creator of the popular Stock-to-Flow (S2F) model, has put forth an even more ambitious target. He suggests that Bitcoin could reach trade for as high as $1,000,000 by December 2025. Despite these ambitious targets, caution is warranted, particularly as Bitcoin appears to be approaching an overheated zone on the MVRV ratio indicator.
At the time of writing, Bitcoin is trading at $98,550.
Featured image created with Dall.E, chart from Tradingview.com
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