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Cryptocurrency News Articles
Bitcoin (BTC) Might Be Entering Its "Seventh Inning," Having Two More Growth Stages Ahead
Nov 09, 2024 at 09:30 pm
This one might push the BTC price to $125,000 and unlock opportunities for aggressive trading on rocketing markets, seasoned investor Ari Paul says.
Bitcoin's (BTC) bull run might be just entering its "seven inning," having two more growth stages ahead. This one might push the BTC price to $125,000 and unlock opportunities for aggressive trading on rocketing markets, seasoned investor Ari Paul says.
Bitcoin (BTC), the largest cryptocurrency, is entering its "seventh inning" of this bull rally. It means that it jumped into the first phase of its last third, Ari Paul, founder and CIO of BlockTower Capital fund, said on his personal Twitter on Nov. 8, 2024.
“IMO, we're in the 7th inning of bull market. The first 1/3 of the last 1/3. Strong hand positioning (recent buyers are positioning for 6-12 month rally, more 'institutional' than retail speculative.) I expect this to produce a fairly "gradual" rally during this phase, maybe…,”
In this stage (compared to the seventh out of nine periods in a baseball game), Bitcoin (BTC) will continue its gradual growth. As a result, we might see BTC reaching $90,000 or even $125,000 during the ongoing "seven inning," Paul foresees. Largely, these impressive dynamics will be backed by "strong hands" with 6 to 12 more months of rally in mind.
Also, in this phase, institutional adoption affects Bitcoin's (BTC) performance more than the retail-driven one. That's why the growth has all chances to be sustainable in the next few months.
Step by step, the situation will be changing with more retail buyers bringing their liquidity. This inflow will also boost volatility and leverage on Bitcoin-based derivatives positions. The market will see more opportunities for aggressive strategies.
That being said, Paul expects the eighth and ninth inning to be periods of "parabolic" growth for the largest cryptocurrency. He did not indicate the exact timing for the peak of this run, but some of his Twitter followers hint at early Q4, 2025.
Previously, Bitcoin (BTC) demonstrated two "tops" in a post-halving year of 2021: It touched $69,000 in May and surpassed this level in November.
Altcoin season in 2025? Raoul Pal won't be surprised
As covered by U.Today previously, Ari Paul masterfully predicted the bullish Q4, 2024 for Bitcoin (BTC) back in January 2023, when the crypto king was changing hands at awful $22,000 after the FTX collapse.
Amid the general uber-bearish sentiment, he indicated $100,000 as the target for BTC in 2024.
In a discussion below the post, Paul suggested that in the two last phases, with due risk management, super-volatile assets might bring decent rewards.
Similar views were shared yesterday by Real Vision CEO economist Raoul Pal, who suggested that Bitcoin (BTC) might be outperformed by Ether (ETH) in the coming phases of the bull run.
“Just thinking out loud...I've been expecting $ETH to start gaining lost ground on BTC. It's partly driven by the risk taking cycle but it's also driven by the election You see, now that regulation is likely to dramatically improve for crypto it allows two key potential…,”
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