Bitcoin is up about 40% in November, but this is only the first month of “insane” returns in the current cycle. This opinion was presented by Capriole Fund founder Charles Edwards.
Every cycle we get 4-7 months of insane Bitcoin price discovery returns. We have just had our 1st in November! The next months will have insanely long opportunities. The normie mind is not ready.
— Charles Edwards (@caprioleio) December 2, 2024
As a rule, the number of months of rapid growth in a bull market is between four and seven, so “crazy opportunities” will open up in the near future, the expert added.
Similar position adheres to the trader under the nickname Daan Crypto Trades. He believes that Bitcoin has entered the price discovery phase for the current cycle.
Bitcoin balances of major exchanges are rapidly declining to historical lows, and long-term holders of the first cryptocurrency are in no hurry to enter the market with it, exacerbating the supply shortage. noted founder and CEO of 10x Research Markus Thielen.
This is in stark contrast to late summer, when a sudden large influx restocked trading platforms. This is not happening now, the analyst emphasized.
According to on-chain data, only three platforms – Bitfinex, Binance and Coinbase – have sufficient balances to meet demand, Thielen added. At the same time, if we focus on the influx of liquidity into ETFs, the former will have enough digital gold reserves for about a year, the expert noted.
This is especially true for halving years – the average is +28%, the analyst emphasized. The block reward reduction took place in April.
At the time of writing, the first cryptocurrency is trading at around $96,200. Quotes have recovered after the collapse to ~$91,000 at the end of November, but have not returned to the historical high.
Ledn Investment Director John Glover admitted that a deeper correction is still possible in Bitcoin. An alternative scenario is the continuation of the upward momentum to $125,000.
ARK Invest expects quotes to reach record levels of $104,000-$124,000 before the end of the year.
CryptoQuant analysts expect a continuation of the bullish phase with a target Bitcoin price of $146,000.
Stay informed! Subscribe to World Stock Market in Telegram.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
