Egrag Crypto, a prominent voice in the cryptocurrency space, recently advised against shorting Bitcoin (BTC), noting that attempts to bet against the leading cryptocurrency were only serving to strengthen its upward momentum. This advice comes as BTC continues its bullish trend, recently hitting $65,000 and maintaining pressure on bearish traders.
Meanwhile, Mikybull Crypto, an analyst, has delved into the potential price targets for Bitcoin’s current cycle peak, using institutional metrics like the MVRV (Z-Score) and Realized log scale curves.
The MVRV Z-score, a ratio of market cap to realized cap, historically indicates cycle tops and bottoms. For instance, the Z-scores for previous cycle tops were 4.35 in 2013, 4.66 in 2017, and 4.98 in 2021. Mikybull Crypto predicts a Z-score of 5.3 for the upcoming cycle top, expected in Q1 2025, contrasting with the popular projection of Q4 2025.
The analysis further suggests that Bitcoin’s bull market corrections, even when trading above the golden ratio, typically lead to significant upward movements towards the cycle top. Based on this, the projected price targets for Bitcoin’s cycle top range from $184,802 to $200,000. These projections are derived from historical data and are subject to change based on market dynamics.
As of the latest update, the live Bitcoin price sits at $64,922.17, with a 24-hour trading volume of $44,224,921,101. Bitcoin has seen a 5.11% increase in the last 24 hours, with a market cap of $1,275,352,661,147. It currently has a circulating supply of 19,644,331 BTC coins, nearing its max supply of 21,000,000 BTC coins.
While Bitcoin’s price continues to soar, analysts caution against shorting the cryptocurrency, as it could lead to further price increases. The projected cycle top price targets suggest that Bitcoin’s bull run is far from over, with potential for significant gains in the coming months.
