Bitcoin Price and Satoshimeter: Analyst Predicts $100,000 Is Not the Peak
The Bitcoin price rally has everyone in the crypto world buzzing, with the price reaching new all-time highs for four days straight on its way to $100,000. Just recently, it hit an intraday high of $99,645 within the last 24 hours.
Excitingly, the positive sentiment suggests that this upward trend is not slowing down anytime soon. According to Stockmoney Lizards, a crypto expert, Bitcoin is still on track to hit its peak this cycle, and the current surge is just one part of a larger upward journey.
Another helpful tool in tracking Bitcoin’s market cycles is the Satoshimeter, created by Stockmoney Lizards. By analyzing on-chain data, the Satoshimeter has been quite accurate in predicting highs and lows in the market. For instance, readings around 1.6 usually signal low points in bear markets, while peaks in bull markets are marked by readings above 20 on the Satoshimeter.
Despite the significant surge in Bitcoin’s price since the year began, it appears there’s still plenty of room for growth before reaching a cycle peak. The price is up by a whopping 163% over the past 12 months, based on Coinmarketcap data. Even though there might be some short-term corrections in the market, Stockmoney Lizards believes these are just part of a healthy market cycle, indicating that while there could be occasional pullbacks, the $100,000 mark for Bitcoin is not the final peak for this cycle.
