Bitcoin (BTC) Price Target of $150,000 Touted by Analyst as Bull Cycle Resembles Dynamics of Mature Financial Asset

The Bitcoin (BTC) market recorded more losses than gains in the past week resulting in a net price decline of 2.37%. Nevertheless, investors and market experts alike remain highly bullish on the premier cryptocurrency's potential for substantial gains amidst the current bull run.

Bitcoin price has been on a roller coaster ride in recent times, and after notching a new all-time high at $114,000 in March, the premier cryptocurrency has seen a downturn in performance. However, market experts remain bullish on BTC’s potential for substantial gains in the current bull run.

In a recent CryptoQuant Quicktake post, an analyst touted Bitcoin to achieve a $150,000 price in the current bull cycle. The analyst, known as Percival, highlighted key on-chain metrics that could propel BTC to attain this ambitious price target.

Percival pointed out that that Bitcoin’s price trajectory, which might be unnerving to some investors, is displaying the structural dynamics of a mature financial asset, with sharp upward spikes followed by periods of consolidation.

To gauge future price movement, the analyst used a Fibonacci expansion from Bitcoin’s cycle low at $15,450 in November 2022 to the consolidation at $48,934 in 2024. Translating this historical data to the present market identifies a Bitcoin price target of $136,000 – $150,000, which is further supported by data from Bitcoin Realized Price Bands. This market metric analyzes supply based on different buying levels.

However, for Bitcoin to trade at $150,000, the asset must attain a total market cap of $3 trillion. But is there enough demand in the market to propel BTC to this lofty height? According to Percival, there is strong historical data in support of this postulation.

For instance, Bitcoin Realized Cap rose by 470% in the previous bear cycle (2021) and has only risen 111% in this bull cycle so far, suggesting more potential for market growth.

Moreover, the analyst identifies possible sources of demand to drive up the projected $3 trillion market expansion, one of which is the US Bitcoin Spot ETFs. These investment funds registered nearly $40 billion in inflow during their debut trading year in 2024.

With the US expected to adopt a pro-crypto stance in the Donald Trump administration, institutional demand is also likely to surge stronger through these ETFs. In addition, Percival includes the Bitcoin Futures market, which is currently valued at $95 billion, as another potential bullish driver for the projected market expansion.

BTC Price Overview

At the time of writing, Bitcoin price is trading at $102,334, reflecting a 1.66% decline over the last day. However, the flagship cryptocurrency is up by 7.93% on its monthly chart after a strong positive performance in January.

According to data from the prediction site CoinCodex, market sentiments remain bullish with the Fear & Greed Index at 76, which indicates extreme greed among investors.

Looking forward, the analysts at Coincodex predict Bitcoin could trade at $113,658 and $132,823 in the next five and thirty days, respectively. In particular, they project the digital asset to have crossed $150,000 in the next three months.