Why Bitcoin Is Nowhere Near The Top This Cycle, But Still Likely To Roar Past $200,000

Source : zycrypto.com

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If you thought bitcoin’s parabolic rally was over, think again. A price indicator developed by one of the industry’s best-known analysts is betting on the world’s largest cryptocurrency to more than triple in value during this cycle. 

Bitcoin Could Soon Clinch $200K

Bitcoin has had a blockbuster year so far, with the pioneer crypto breaking multiple record levels and flirting with the $69,000 threshold last week as it benefits from numerous tailwinds. Still, analysts expect the cryptocurrency to surge even higher in the near future.

Bitcoin could skyrocket to as high as $200,000 in the current bull market based on the Top Price Model indicator. This indicator was created by on-chain strategist-cum-crypto investor Willy Woo and is used to identify cycle tops in the market.

On-chain analytics provider Glassnode pointed out that the Bitcoin Top Cap is calculated by multiplying the Average Cap by a factor of 35. The Average Cap is derived from the total daily market capitalization, divided by the number of days that the market lives.

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Top Cap estimates bitcoin at an eye-watering valuation of $4 trillion while the Top Price stands at roughly $214,000. If this analysis holds true, then we’re still in the early innings of the crypto bull market.

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Woo’s Top Price Model indicator is far from the only indicator predicting a race toward new all-time highs. The Stock-to-Flow model creator PlanB foresees bitcoin at $98K by the end of this month and $135K in December. Notably, the model’s iteration, the Stock-to-Flow Cross Asset (S2FX), calls for an average price of $288,000 this cycle.

Another crypto analyst, TechDev, previously described a cycle top of between $200,000 and $300,000 as “almost too programmed.”

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