- A bull market denotes a period characterized by investor demand surpassing the existing supply, with high market confidence and upward price movements.
- A similar view was expressed in the latest analysis by CryptoQuant, stating that the crypto market has not yet reached the peak of the current bull cycle.
- William Quigley, co-founder of Tether, made a bold prediction this week that Bitcoin could reach up to $300,000 at the peak of the upcoming bull cycle.
While the Bitcoin price has set a new record above $69,000, according to the analytical firm, the peak of the bull cycle may not have been seen yet.
Bitcoin Price May Not Have Reached its Peak Yet
A bull market denotes a period characterized by investor demand surpassing the existing supply, with high market confidence and upward price movements. While the ongoing bull market holds significant promise, it appears, according to some on-chain metrics, that the peak has not been reached yet.
Bitcoin is currently trading around $67,500 and reflects an increase of over 205% in the last twelve months. However, experts suggest that Bitcoin’s bull market is still in its early stages and is expected to continue until 2025.
In addition to the excitement about the introduction of spot ETFs this year, the upcoming halving event, a known factor that has triggered further price increases throughout history, is expected to further strengthen the ongoing bull trend.
A similar view was expressed in the latest analysis by CryptoQuant, stating that the crypto market has not yet reached the peak of the current bull cycle. The evaluations focus on a critical metric, the number of active Bitcoin addresses, which measures investor activity.
This metric typically increases twice within a cycle throughout history: at a point when a crypto market transitions from a bearish to a bullish phase and when it approaches a peak. This indicator signaled the end of the bull market in early 2023.
Currently, the number of active addresses indicates that the market is in a bull cycle, but it is clear that the peak has not been reached yet. CryptoQuant predicts that the market will eventually enter the overheated zone, and this will be determined by a rapid increase in active addresses. However, according to the analysis, this moment has not yet arrived.
Targeting $300,000 at the Peak of the Next Bull Cycle
William Quigley, co-founder of Tether, made a bold prediction this week that Bitcoin could reach up to $300,000 at the peak of the upcoming bull cycle. In an interview with CNBC, Quigley said that if historical patterns continue, Bitcoin could show an increase of more than 350% from its current levels.
Quigley stated, “I’m not predicting this; if you just apply historical patterns, it is likely that Bitcoin will be over $300,000 at the peak of the next bull market.” Similarly, the author of the book ‘Rich Dad, Poor Dad’ reiterated this belief, stating that he also believes BTC will skyrocket to $300,000 in the coming months.
