Bitcoin price growth above $ 120,000 has speculated where the flagship cryptocurrency stands in the current cycle. While the value action alone provides only part of the picture, on-chanting data from the Satoshimeter indicator shows that bitcoin its long-term trajectory.
The price of bitcoin is still in the middle-cycle phase
A climbing of $ 100,000 for a new ATTH ($ 0.03) above $ 123,000 has brought fresh appearance for on-chant matrix used to identify the current market market cycle of cryptocurrency. Among them, the crypto analyst gives an indicator developed by the stockman lizard, satoshmeter, the movements of bitcoin and value property.
For analysis of experts released on X social media, Satoshimeter indicated that bitcoin stockman lizard also claimed that the Rali of bitcoin is in its middle-cycle or intermediate phase rather than the last phase of the bull cycle.
Supporting this analysis, Satoshimeter appoints on-chain metrics to map cyclical behavior of bitcoin, which identifies both long-term bottles and tops. Historically, the reading of this indicator around 1.6 has marked the bottles of the major bear market, as has been seen in the price charts in 2011, 2015, 2015, 2015, 2015, 2015, 2015, 2015, 2015, 2015, 2015. Bicycle indicates peaks and often sharp improvements.
So far, the chart of Satoshimeter The Analyst clearly shows this trend. Each previous market head
In contrast, the current indicator reading is elevated, but is stable, sitting in the middle-quiet, below the levels seen at the top of the previous cycle. This suggests that the broad speed structure of bitcoin remains intact, which is likely to be further reversed on the table.
Bitcoin to reach $ 200,000 in this cycle?
Depending on the current level of Satoshimeter, the stockmani lizard projects an extended run in bitcoin value. While the reincent jump above $ 123,000 reflects the speed of glory, the analyst expects a potentially high level of $ 200,000 to a ladder-stop progress before a significant market improvement set.
This process is not only based on reading from the Satosimeter indicator, but also on the motors seen in the previous cycles, where BTC ($ 113,493.00) usually leads many stages of accumulation, brakeouts and paralytic girls. As a writing, the flagship cryptocurrency is tracking at $ 113,759, which shows a decline of 8.3% from its all-time. With a $ 200,000 set of its next peak target, it means a potential Rali of more than 75% in the current cycle.
Specially displayed image from UNSPLASH, chart from tradingview
