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Analyst Eyes $800,000 Bitcoin Target, Says BTC Bull Run Yet to Begin: Here’s Why

Analyst Eyes $800,000 Bitcoin Target, Says BTC Bull Run Yet to Begin: Here’s Why
A Bitcoin analyst, AO, believes that the current bull run for Bitcoin has not even begun, despite recent gains. AO points to previous bull runs and their explosive gains, noting that Bitcoin's current gains do not match up. AO uses the Stochastic RSI indicator to support his point, saying that the %D line has not yet reached levels typical of a bull run. AO sets a cycle top target of $800,000 for Bitcoin, representing a further 742% increase from the current price. This differs from other analysts who have suggested lower price targets for this cycle. The analyst acknowledges the trend of diminishing returns for Bitcoin over the past four bull runs but believes this cycle will be different. Galaxy Digital Founder Mike Novogratz also sees Bitcoin eventually reaching $800,000 but not in the current cycle.

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