Bitcoin (BTC) Bull Market Looks to Be Back After Surge Above $100,000

The Bitcoin bull market looks to be back following BTC's surge above $100,000. With market participants again

The Bitcoin bull market looks to be back following BTC’s surge above $100,000. With market participants again accumulating following this recent rally, crypto pundit Ardizor has revealed when to sell everything to avoid roundtripping on gains made in this bull market.

In an X post, Ardizor stated that he will sell nearly everything in this bull market when BTC’s “Profitability Index” rises above 300% and crypto becomes more popular on TikTok or Instagram

Also, when people in the market begin to think they are the “smartest.” He further outlined three other events that could mark the top and act as a clue to sell everything.

The first is when crypto exchange Coinbase becomes the number one on the app store for two months, and every taxi driver starts speaking crypto. The other two clues are when the BTC Coin Days Destroyed (CDD) metric rises above 300 million and when old friends are inquiring about whether they should buy crypto now.

He asserted that the Bitcoin bull market will reach its peak when these things begin to happen. Until then, Ardizor revealed that he will be accumulating more coins daily. The pundit also told crypto community members that he would announce publicly when it was time to sell everything.

In another X post, Ardizor provided insights into how investors should allocate their capital in this Bitcoin bull market. He stated that 40% should be invested in BTC, 20% in ETH, 10% in “quality alts,” 5% in high-potential meme coins, 15% working capital, and 20% in USDT to buy dips.

While the crypto market has seen a downturn in recent months, with market participants pulling back from their investments, new data from Glassnode shows that $35 billion has flowed into the crypto market in the past three weeks.

Crypto analyst Ali Martinez cited the data from the on-chain analytics firm in a recent X post, adding that the recent rally in the market has brought in more investors.

Martinez further noted that the majority of the funds flowed into Bitcoin, with smaller amounts going into Ether and other altcoins.

The recent price action in the market has seen Bitcoin break out to new yearly highs of $103,000, with the crypto now trading at around $103,600 at the time of writing, according to CoinMarketCap.

The new price highs have brought in more investors, with the crypto space also seeing an increase in the number of users on platforms like Coinbase.

As the market continues to rally, experts are also providing their price targets for where the Bitcoin top could be in this bull market.

Veteran trader Peter Brandt stated that the leading crypto is on target to reach the bull market cycle top in the $125,000 to $150,000 level by August or September this year. Once that happens, Brandt predicts that a 50% correction will follow.

Crypto analyst CrediBULL Crypto has also stated that his target for this Bitcoin market cycle is $150,000. However, he also raised the possibility of BTC reaching $200,000.

This comes after Cramer said that if he could make one wish, it would be for Bitcoin to never reach $200,000. According to the analyst, this price target could be reached if BTC manages to stay above $100,000 for two months.

If the price drops below this level, then CrediBULL believes that the market cycle will continue for another year, and the $200,000 price target will not be reached.

If the price stays above $100,000 for two months, then we will hit $150,000 and possibly even $200,000,″ the analyst added.

At the same time, Standard Chartered has also predicted that $200,000 is achievable for BTC by year-end. The bank's economists stated that the cryptocurrency could rise to $110,000 by the third quarter of 2024.

This prediction is based on the 90-day time period for reducing tariffs that the U.S. and China agreed upon at the recent meeting between Treasury Secretary Yellen and Chinese Vice Premier He.

"The administration's willingness to grant a 90-day reprieve to reduce tariffs can push Bitcoin price above $110,000 by 3Q24," Standard Chartered's economists said in a note.

"We believe this would also induce an increase in the price target to $200,000 by year-end."

News data source: kdj.com

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