Buckle Up: Bitcoin’s Rally to $1 Million Has Only Just Begun, Bull Run Could Last 300 Days

Bitcoin’s recent price surge above $71,000 has sparked a wave of optimism among crypto analysts and traders, with many believing that the world’s largest cryptocurrency is in the midst of a major bullish reversal.

The 14% price increase over the past week has convinced some that Bitcoin could be on track to reach new all-time highs, with predictions ranging from $90,000 to as high as $1 million.

TLDR

Bitcoin’s recent price surge to over $71,000 is seen as a bullish reversal pattern, with some analysts predicting it could reach $90,000-$100,000 before the next correction.
The Bitcoin VWAP Oscillator suggests the current rally is only halfway through, with consolidation needed below the all-time high before a potential second leg up.
BitMEX co-founder Arthur Hayes predicts that actions by the Federal Reserve and Bank of Japan to rescue the yen could drive Bitcoin’s price to $1 million.
An analyst suggests the current Bitcoin bull run could last another 300 days, barring any unforeseen disruptions.
Positive market sentiment and demand for spot Bitcoin ETFs are expected to contribute to the ongoing uptrend.

One analyst, who goes by the pseudonym “Roman,” believes that the current market pump is the “real deal,” citing the confluence of fundamental and technical factors.

Roman points to the bullish reversal pattern on Bitcoin’s price chart as a strong indicator that the cryptocurrency won’t experience another significant correction until it surpasses its previous all-time high of $73,679 by at least 20%.

“I think we will move to at least $90,000-$100,000 before we see another consolidation period or correction,” Roman stated.

This sentiment is echoed by on-chain analyst Willy Woo, who suggests that the current Bitcoin rally is only halfway through its bullish journey.

Using the Bitcoin Volume Weighted Average Price (VWAP) Oscillator, Woo demonstrates that the indicator has just bottomed out from oversold territory and is now at the neutral zero mark.

He believes that a period of consolidation below the all-time high is necessary before a potential “second leg” propels Bitcoin to new heights.

This #BItcoin move is now at the halfway mark. Consolidation under all-time-high needs to happen for a little, then we see if the second leg gives us escape velocity to new highs which will open up the flood gates. https://t.co/LGet9XVoQY pic.twitter.com/W1hrU1P8Oi

— Willy Woo (@woonomic) May 21, 2024

BitMEX co-founder Arthur Hayes has an even more ambitious prediction, arguing that actions by the Federal Reserve and Bank of Japan to rescue the Japanese yen could drive Bitcoin’s price to $1 million.

Hayes believes that the complex entanglement between central banks over the yen will lead to a scenario where the Bank of Japan resorts to “the easy button” – unlimited US dollar “swap lines” – to strengthen the yen while simultaneously weakening the dollar.

This environment of increased money printing, he argues, will be a boon for Bitcoin and other assets.

Another analyst suggests that the current Bitcoin bull run could last another 300 days, barring any unforeseen disruptions such as the impact of a major exchange going bankrupt.

This prediction is based on the analysis of short-term holder (STH) profit and loss, which is currently moving lower but remains relatively high.

As market sentiment improves and prices recover, the pace at which Bitcoin moves higher will depend on external factors such as the stance of the United States Federal Reserve and the inflow of funds into spot Bitcoin exchange-traded funds (ETFs).

The positive shift in market sentiment is evident, with the Crypto Fear and Greed Index shooting up by 12 points in just 24 hours, reaching an “Extreme Greed” score of 76 on May 21.

This surge in optimism is largely attributed to speculation that the United States Securities and Exchange Commission could be moving to approve spot Ether ETFs, which has had a spillover effect on Bitcoin’s price.

As Bitcoin continues its upward trajectory, traders and investors are closely monitoring key resistance levels and potential consolidation phases.

While some anticipate minor corrections along the way, the overall consensus appears to be that Bitcoin is in the midst of a significant bullish trend that could potentially lead to new all-time highs and much beyond.