Bitcoin Bulls Eye $83K Confirmation as Bernstein Sees $1M Target

Bitcoin's recent surge has some analysts calling for a new bull market, but not everyone is convinced. Over the past week, Bitcoin rallied over 25% in value, with its current price hovering around $79,000. However, according to CryptoQuant's Bull Score, which measures various indicators of market sentiment, a close above $83,000 would be necessary for official confirmation of a new bull run.

Swyftx analyst Pav Hundal notes that the $80-83k band has previously capped rallies in Bitcoin's price history. To break out of this range, buyers must force a new weekly high, according to Hundal.

CryptoQuant's Bull Score has jumped from 30 to 80 in a week, with eight of ten metrics now bullish. Spot and futures demand are climbing together for the first time since Bitcoin's last all-time high. Meanwhile, short-term holders have already banked $1.2 billion in profits.

On the more optimistic side, Bernstein predicts that Bitcoin could hit $300,000 by 2029 and $1 million by 2033, citing its old four-year rhythm tied to the halving event.