The world’s largest cryptocurrency Bitcoin (BTC) is once again picking up momentum by hitting a new all-time high above $67,800 levels and entering the price discovery zone. On Monday, November 9, Bitcoin registered a bullish breakout with its daily candle formation to the north on the technical charts.
— Lark Davis (@TheCryptoLark) November 9, 2021
Bitcoin bulls are closely eyeing the $70K target ahead this week. The stock-to-flow model from Plan B already predicts a $100K price target for BTC by the end of the year. However, the author also predicts that the BTC price can touch an average of $288K in this bull cycle.
As you know S2F model predicts $100K average for this halving period (and based on floor model we reach $100K this yr). But S2FX model predicts $288K average this cycle (we need some real fireworks in 2022 for that). Let’s see where this 2nd leg of the bull market will take us🚀 pic.twitter.com/ttiNT5yMKe
— PlanB (@100trillionUSD) November 8, 2021
Key Factors Suggesting the Beginning of Bitcoin (BTC) Bull Run
Although Bitcoin is trading at an all-time high, this could be just the beginning of the next bull run as per the historical charts. The below charts compare the Bitcoin bull runs of 2013 and 2017 to demonstrate this. The chart also shows that if BTC replicates the behavior of its previous full runs, we are eyeing a top anywhere above $200,000 levels.
While the BTC price has touched its all-time high, the market euphoria is nowhere close to its peak of May 2021. Popular crypto analyst Lark Davis notes that there’s big money behind the recent pump instead of retail money. He noted:
Bitcoin closing in on a new all time high and the search volume is insanely low. Seems like this rally is not being led by retail, looks like big money quietly buying.
On-chain data provider Santiment has also validated it noting that the mega whale accumulation continues. The data provider noted:
Bitcoin made a major leap in the early Monday hours, and crept up above $66k briefly as most #altcoins lagged behind. Large whale addresses holding 10k to 100k $BTC have accumulated 43k more $BTC and increased their bags +2.1% in just the last 5 days.
It looks like the bulls are gearing up in what could be another historic chapter in the Bitcoin lifecycle.