Upper Price Target of $337,000
On-chain analyst Willy Woo believes Bitcoin’s (BTC) current bull market is just getting started, with a potential upper price target of $337,000. Woo notes that Bitcoin’s current price of $71,633 is equivalent to $20,000 during the previous bull cycle.
Fundamentals Point to Continued Bullish Trend
Woo analyzes the Bitcoin Macro Index (BMI), which tracks investor and miner behavior, and notes that it has broken through a key resistance level, indicating a strong fundamentals-driven bull market.
Massive Capital Inflow
The Bitcoin network is currently seeing an inflow of $1.8 billion worth of new capital per day, the third highest on record. This suggests that investors are confident in Bitcoin’s long-term prospects.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research before making any financial decisions.
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