Bitcoin Bulls: Myers Forecasts $232K-$464K Targets Amid Bull Market Onset
Bitcoin is entering a potentially long-term bull market, according to prominent advocate Jesse Myers. He points out that the cryptocurrency's recent move above the short-term holder cost basis bears similarities with its transition from the 2022 bear market into the 2023-2025 bull cycle.
The short-term holder MVRV (Market Value to Reserves) metric, which compares BTC's price with the average cost of recent buyers, bottomed in February 2026 and recovered for seven months before breaking above the cost basis in late August. This pattern is reminiscent of 2023, where a similar recovery preceded the start of the bull market.
Myers believes that this could be the beginning of the 2026-2029 Bitcoin bull market. He cites price targets based on previous cycles, with an eightfold increase from the latest cycle low putting BTC near $464,000 and a more conservative fourfold increase around $232,000.