{"id":144737,"date":"2021-11-15T17:07:08","date_gmt":"2021-11-15T17:07:08","guid":{"rendered":"https:\/\/precoinnews.com\/?p=144737"},"modified":"2021-11-15T17:07:08","modified_gmt":"2021-11-15T17:07:08","slug":"why-bitcoin-is-nowhere-near-the-top-this-cycle-but-still-likely-to-roar-past-200000","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/why-bitcoin-is-nowhere-near-the-top-this-cycle-but-still-likely-to-roar-past-200000\/","title":{"rendered":"Why Bitcoin Is Nowhere Near The Top This Cycle, But Still Likely To Roar Past $200,000"},"content":{"rendered":"
If you thought bitcoin\u2019s parabolic rally was over, think again. A price indicator developed by one of the industry\u2019s best-known analysts is betting on the world\u2019s largest cryptocurrency to more than triple in value during this cycle. <\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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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\u2019re still in the early innings of the crypto bull market.<\/p>\n
Woo\u2019s 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\u2019s iteration, the Stock-to-Flow Cross Asset (S2FX), calls for an average price of $288,000 this cycle.<\/p>\n
Another crypto analyst, TechDev, previously described a cycle top of between $200,000 and $300,000 as \u201calmost too programmed.\u201d<\/p>\n