The cryptocurrency markets are decidedly in the green today. This comes on the heels of Bitcoin’s recent surge, which is bringing the wider cryptocurrency market with it. Now, some high-profile crypto YouTubers are chiming in on the market performance, noting that a $100K Bitcoin bull run could have already begun.
Crypto YouTubers join the bullish choir
This news came in a Market Discussion in January 31st, in which the YouTubers “The Moon” (Carl Runefelt) and “DataDash” (Nicholas Merten) spoke with the crypto news outlet Cointelegraph. Moreover, in the interview, the two YouTubers said that Bitcoin has now been in a bull market “for some time”.
Their view correlates with recent Toshi Times reports, which reveal that key Bitcoin bull run indicators are flashing green. Moreover, Bitcoin has broken out of a 7-month downtrend and is on track for its best Q1 in 7 years.
As such, it is perhaps not all too surprising that The Moon and DataDash are turning bullish. They both suggest that the market performance is indicating further gains. Nevertheless, they argue that it is – as always – hard to accurately predict the specific timeframes of market breakouts.
Bitcoin is appreciating with “higher highs and higher lows”
“Until we get to $20,000, we’re not going to see the parabolic run that we’ve seen in previous cycles, like when we went from $1,000 to $20,000 in 2017,” DataDash said in the interview, in reference to the massive Bitcoin rally in 2017 that brought the premier crypto to its all-time high.
“That’s really what I define as a key bull market for cryptocurrencies, but we’re trading higher… we’re going for higher highs and higher lows, those are all positive signs.”
This market evolution of “higher highs and higher lows” is typical of an appreciating asset. Moreover, the upcoming Bitcoin halving – which will takes place in just 100 days – could massively inflate Bitcoin’s price. This comes as the Bitcoin halving will effectively make Bitcoin supply scarcer.
Next bull run could bring Bitcoin to $100,000
According to DataDash, Bitcoin’s next Bitcoin rally will also follow this theme of “higher highs”. In fact, DataDash notes that the target for the next bull run cycle is between $80,000 and $100,000.
Notably, this lofty price target is actually still lower than the recent analyst prediction that Bitcoin could hit $152,000 in December.
As such, one should not immediately dismiss DataDash’s suggestion as overly bullish. Rather, it is important to take note of the growing bullish sentiment among traders. At the time of writing, Bitcoin is currently trading at $9,346, according to COIN360.
This means that Bitcoin is extending its stay above the psychologically important $9,000 price line. According to The Moon, Bitcoin’s new resistance focus is now at $9,500. “In my opinion, that would be the level to watch”, The Moon said in the interview, reiterating a bullish stance:
“ […] On the monthly timeframe, we’ve been in a bull market ever since Bitcoin broke back above $6,000.“
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.