Bitcoin price continues to struggle with resistance above $60,000, but data suggests it is refueling for a much larger move higher. In fact, the same data could point to the current bull run only being roughly one-quarter or less of the way through to completion.
There’s also a chance that the cryptocurrency bull run is only just getting started, making potential targets as high as $400,000 per coin when it is all said and done.
BITCOIN BUILDING SOLID TECHNICAL BASE AROUND $50,000 TO $60,000
At the same time, price action has failed to bring Bitcoin back to support levels any lower than $50,000, keeping the bull trend in tact and eyes on targets much higher.
The Puell Multiple backs up the theory that new highs are just ahead, potentially indicating that the current bull market is merely one-quarter or potentially less of the way through.
PUELL MULTIPLE IMPLIES CRYPTO BULL RUN HAS MUCH MORE TO GO
But for now, bulls are in charge.
Potential bull market trajectories based on the Puell Multiple. Then the bear market the follows. | Source: BTCUSD on TradingView.com
At 25% through, Bitcoin would be projected to peak at around $240,000. At 15 %, however, the cryptocurrency could run to the full $400,000 per coin that some analysts have projected. Following the exact path of the last cycle, puts the peak around $325,000.
Even if the top crypto by market cap failed to meet these lofty expectations, and instead was roughly 50% of the way there, the top would still be at least another $60,000 away – leading to six figure BTC at minimum.