Bitcoin Metrics Suggest Bullish Trend Amid End-of-Cycle Speculation

Bitcoin's performance indicators suggest potential early-stage bullish conditions, contradicting the perceived end-of-cycle narrative. The 200-week moving average has reached $53,000 and the realized price has surpassed this average at $54,000. Historically, bull markets have seen the realized price exceed the 200WMA, while bear markets observed the opposite. The current surge above the 200WMA indicates a potential uptrend.

Bitcoin's performance indicators suggest potential early-stage bullish conditions, contradicting the perceived end-of-cycle narrative. The 200-week moving average has reached $53,000, and the realized price has surpassed this average at $54,000. Historically, bull markets have seen the realized price exceed the 200WMA, while bear markets observed the opposite. The current surge above the 200WMA indicates a potential uptrend Bitcoin may fulfil Durov’s $1 million prediction by 2030, analyst says^[1].

A prominent figure in the crypto space, Pavel Durov, recently predicted that Bitcoin could reach $1 million by 2030. His assessment was backed by Russian financial analyst Oleg Reshetnikov, who agreed that Bitcoin's limited supply and the inflationary nature of fiat currencies could lead to such a price increase .

Reshetnikov pointed out that the U.S. money supply has grown almost fivefold since 2000, from $4.7 trillion to $21.9 trillion, while the GDP grew only 2.5 times. He believes that continued money supply growth could drive Bitcoin's price higher, potentially reaching $1 million .

Durov's prediction was based on his belief in Bitcoin as a store of value, given its predictable inflation compared to fiat currencies. He emphasized that Bitcoin's value is not tied to government policies, making it a potential hedge against inflation .

While these predictions are theoretical and based on current trends, they highlight the potential for significant price appreciation in Bitcoin. However, investors should remain cautious and conduct thorough research before making investment decisions.