Is Bitcoin expected to hit 337,000? Analyst with millions of fans reveals “price model”
Since January of this year, Bitcoin has soared rapidly from around $40,000 and broke through the previous high of $69,000 in early March to reach an all-time high. This week, Bitcoin once stood above $73,000, but as of writing, it has pulled back and is currently quoted at $68,356.
As Bitcoin breaks through new all-time highs, analyst Willy Woo, who has a million followers on X (formerly Twitter), has a pretty optimistic prediction. He shared a "Bitcoin Price Model" chart predicting that the peak of this bull market may fall at $337,000, and the market is still in the early stages of the bull market.
Willy Woo pointed out that some important indicators show that Bitcoin has entered an early bull market stage. For example, the Bitcoin Macro Index (BMI) has just broken above the blue range, which means that the market has completely entered a bull market.
Image source: X/Willy Woo
The inflow of funds into the Bitcoin network has also increased significantly, with $1.8 billion inflows on March 11, the third highest in history. The highest record was $2.15 billion in January 2021.
Image source: X/Willy Woo
On the other hand, the supply flow of Bitcoin is decreasing, indicating that the market is rushing to buy Bitcoin.
Image source: X/Willy Woo
However, even with Bitcoin’s recent surge, Wiily Woo also cautioned to pay attention to changes in the Spend Output Profit Margin (SOPR). As of March 11, SOPR profit margins are close to historical highs, and when they reach their peak, they may trigger a wave of corrections and consolidation periods.
BlackRock Bitcoin ETF intraday trading volume hits new high
Since its launch in early January this year, the Bitcoin spot ETF has attracted the attention of traditional investors. According to “Cointelegraph”, BlackRock’s Bitcoin ETF product iShares Bitcoin Trust ($IBIT) had a trading volume of more than $3.9 billion yesterday (14th), easily breaking the record of $3.7 billion on March 5.
On March 12, $IBIT saw a record net inflow of $849 million. However, in terms of asset management scale, Grayscale’s $GBTC is still the largest among the 10 ETFs. However, $GBTC has been showing net outflows since its listing, and yesterday’s trading volume was only 1.96 billion U.S. dollars, ranking second to Belle. After virtue.
Bank of America strategist: Bitcoin's new high shows signs of bubble
However, from a macroeconomic perspective, the recent performance of the U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) both show the persistence of high inflation. This has led some traders to predict that the Fed may keep interest rates high for longer.
According to "Bloomberg", Michael Hartnett, chief strategist of Bank of America, said yesterday that as inflation may re-accelerate and economic growth becomes slightly weaker, the seven major U.S. technology stocks are still soaring, and Bitcoin has hit a record high, showing that Typical signs of market bubbles.
