Bitcoin Analyst Sees 69% Chance of Continued Bull Run
A recent analysis suggests that Bitcoin's (BTC) ongoing bullish cycle could continue as it has in previous cycles, but there are also potential risks and uncertainties to consider.
Last year saw a strong bullish market sentiment supported by a risk-on environment in financial markets, including suppressed dollar strength, decreasing oil and gas prices, increasing buybacks in the US corporate sector, and the Fed's provision of liquidity following the SVB collapse.
The analysis suggests that Bitcoin has reached an all-time high (ATH) and on-chain metrics are strong according to Glassnode, but there is a question of whether this cycle will follow the same pattern as previous halvings or be different.
Three scenarios were presented: best-case (69% confidence), base-case (21% confidence), and worst-case (10% confidence).
The best-case scenario sees Bitcoin continuing to rise, with a possible temporary consolidation before breaking out. The target price is over $130,000.