Bitcoin May Enter New Bull Market, Price Targets Reach as High as $464,000
Prominent Bitcoin advocate Jesse Myers believes that Bitcoin may be entering a two-to-three-year bull market. He points to the recent shift in the market cycle, specifically the faster-than-expected move above the short-term holder cost basis.
This metric bottomed in June 2022 and recovered for about seven months. In January 2023, Bitcoin moved above the short-term holder cost basis, echoing the transition from the 2022 bear market into the 2023-2025 bull cycle.
Myers sees a similar pattern now, with the metric bottoming in February 2026 and recovering for seven months before breaking above the cost basis in late August. He says, 'Welcome to the new bull market.'
The price targets remain uncertain, but Myers' base case is that this breakout will eventually be viewed as the beginning of the 2026-2029 Bitcoin bull market.