Pioneer crypto asset BTC set $118,856.47 ATH.
Crypto market prepares for parabolic phase.
$158,000 set as next ATH target for BTC.
The price of Bitcoin led the crypto market in a spectacular surge over the last 40 hours. It began with Bitcoin pumping from a $113,000 ATH target until BTC set $118,856.47 ATH record. Now, the crypto market prepares for a parabolic phase in the ongoing Bitcoin bull cycle. Both Bitcoin and altcoins prices are expected to soar henceforth, and the next ATH target for BTC is $158,000.
Crypto Market Prepares for Parabolic Phase
Yesterday, the price of Bitcoin (BTC), the pioneer crypto asset, shot up from a setting consecutive ATH prices at the $112,000 and $113,000 price ranges until it ran up to the $118,400 price range. After a short stop, the price shot up again to hit the asset’s present ATH record of $118,856.47 a few hours later. The price of BTC is now trading in the $117,000 price range.
https://twitter.com/glassnode/status/1943661049783431240
Several reputed analysts have weighed in on the reason behind the pump as what is to come next. According to Glassnode analytics, the post above confirms that while BTC has made a new ATH above the $118,000 price target, Long-Term Holder Net Unrealized Profit and Loss (NUPL) remains below the euphoria zone, currently at 0.69. This cycle has seen just 30 days above the 0.75 threshold, compared to 228 days in the previous cycle.
$158,000 Set as Next BTC ATH Target
This points to the fact that a greater parabolic wave lies ahead for the price of Bitcoin (BTC). When the price of BTC surged, it took with it the price of the pioneer altcoin asset Ethereum (ETH) as well. In detail, the price of ETH finally surpassed the $3,000 price barrier, after a long sluggish movement. Analysts hope for ETH to reclaim its previous ATH before moving to hit higher ATH targets.
https://twitter.com/decodejar/status/1943861411303895120
Amid the surge, the price of ETH outperformed the price of Bitcoin (BTC). This shows greater promise for a stronger price pump among ETH and altcoins alongside BTC in the coming days ahead. Perhaps other altcoins will outperform Bitcoin (BTC) this bull cycle too. Indeed, sentiments for the ongoing bull cycle’s altseason peak phase to arrive and lead to bullish pumps are greater than ever.
https://twitter.com/CryptoCon_/status/1943744458224545819
While altcoins and ETH are expected to pump, analysts are still keeping most of their attention on the price of Bitcoin (BTC). As we can see from the post above, it says that Level 3 of the Magic Bands was achieved once again, at the $116,600 price mark for BTC. The post says that the next expected target is the still untouched cycle top band at $158,000 (and increasing). The post concludes by saying that Bitcoin is finally nearing endgame territory.
