Satoshimeter Indicates Bitcoin Price is in Mid-Cycle Phase
The recent surge in Bitcoin above $120,000 has sparked discussions about its position in the current market cycle. On-chain data from the Satoshimeter indicates Bitcoin is in the mid-phase of its cycle, suggesting room for growth.
Current Market Analysis
- Bitcoin's price rose from $100,000 to a new all-time high of over $123,000.
- The Satoshimeter, developed by Stockmoney Lizard, provides insights into Bitcoin's market stage.
- Current readings indicate Bitcoin is far from previous euphoric peaks seen in past bull markets.
- The indicator shows stability below historical highs, signaling no overheating in the market.
- This suggests an intact bullish structure with potential for further upside.
Future Projections
- Stockmoney Lizard projects Bitcoin could reach $200,000 this cycle.
- This expectation is based on Satoshimeter levels and historical movement patterns.
- Currently, Bitcoin trades at $113,759, representing an 8.3% decline from its peak.
- A potential rally of over 75% is anticipated before any significant corrections occur.
