Bull Market has reached the 'mid-term stage'! Analyst Noah: BTC is expected to soar to $124,000 by the end of the year

After failing to break through the $100,000 mark last week, BTC is currently hovering around $96,000. According to ARK Invest, led by 'Queen of Stocks' Cathie Wood, this pullback is just a 'big pump before the power-up', and BTC is preparing for another all-time high.

ARK Invest researcher David Puell said in an interview with CoinDesk:

We estimate that BTC is expected to reach a price range of "$104,000 to $124,000" by the end of this year. Of course, this is not investment advice, but so far, the price trend of BTC has basically met our expectations.

David Puell's analysis is based on on-chain data indicators, as well as the 'cyclical nature' of BTC, which refers to BTC's performance patterns in previous Bull Markets. He predicts that BTC will continue to rise to new highs and form peaks, and then may experience a significant pullback similar to that of 2022. He points out:

The current market environment should be considered as the 'middle stage of the bull market'. If we look at the path from the 'lowest point to the highest point', I believe that the bull market process has probably reached 55% to 65%.

Based on on-chain data analysis, this means that the peak of the Bitcoin cycle may fall between $126,000 and $134,000. However, David Puell added that if the market continues to accelerate upwards, there is still room for upward revision of these target prices.

This also echoes the market's view of the 'gradual decrease in the rise of BTC in each Bull Market round'. Assuming the high point of BTC in this round of Bull Market is $134,000, this price is only double the historical high point of 2021 ($69,000), while the previous cycle (2017 to 2021) BTC achieved a triple increase.

David Puell stated that ARK Invest has prepared for the possibility of 'diminishing returns,' but the current data has not yet reached a definite conclusion.

In fact, ARK Invest CEO Cathie Wood boldly predicted at the beginning of the year that by 2030, BTC could soar to between $1 million and $1.5 million, with a base target price of $650,000.

David Puell added that the specific rise of BTC will to a certain extent depend on the upcoming Trump administration, such as the choice of the chair of the Securities and Exchange Commission (SEC), the Federal Reserve's attitude towards monetary policy, and whether it supports risky assets. These are all key factors affecting the trend of BTC market.

In addition, he also specifically mentioned that the 'BTC strategic reserve' is still a major variable. If it can be implemented in the end, it will not only be an added bonus, but also 'adding another layer of cake'.

However, BTC cannot rise forever either. David Puell reminds us that influenced by market cycles and seasonal patterns, BTC will inevitably peak, fall into Bear Market again, and even possibly experience a big dump of 70% from its historical high. Whether BTC can establish a solid bottom will also depend on how high this bull market can pump.

The bull market has reached the 'mid-stage'! The Ark analyst: BTC is expected to soar to $124,000 by the end of the year. This article was first published in 'BlockLike'.