The bitcoin bull market is alive and well.
Bitcoin has rebounded more than 20% back to the north of the $30,000 in the last two week, bolstered by optimism that the first US spot bitcoin exchange-traded funds (ETFs) might be near, with huge financial institutions BlackRock and now Fidelity having thrown their hats into the ring with applications.
The rebound from earlier monthly lows to the south of $25,000 confirmed that the 2023 uptrend remains strongly intact, with bulls now targeting a move higher to near-term price targets in the mid and upper $30,000s next.
But signals regarding the strength of the bitcoin bull market don’t just come from the cryptocurrency’s impressive price action.
On-chain metrics are also sending strong bullish signals.
All eight indicators are currently sending a signal of market strength, which, according to Glassnode, implies a strong probability “that Bitcoin is experiencing a period of relative market strength”.
How High Can Bitcoin (BTC) Go?
Analysis of Bitcoin’s longer-term market cycle, which tends to last about four years, suggests Bitcoin could be in the year stages of a potentially three-year-long bull market.
In the past three market cycles, each Bitcoin bear market has lasted for around one year, while each bull market has lasted around three years.
If Bitcoin’s November 2021 (around the time of the record highs) to November 2022 (around the time of the 2022 lows) bear market has concluded, we might now be about six months into a new roughly three-year-long bull market.
During its last bull run, Bitcoin was able to reach the “Sell. Seriously, SELL!” zone.
If it can repeat this feat in the next post-halving market cycle within one to one and a half years after the next halving, the model suggests a possible Bitcoin price in the $200-$300K region. That’s around 8-13x gains from current levels.
