Bitcoin (BTC) has entered the "orange" phase of its price cycle, indicating that it is in the third stage of its rally. According to CryptoQuant's SMA Multiplier chart, Bitcoin is still far from reaching its peak. The model maps the multiplier to a color range, with orange representing the current phase. The model has been valid for previous cycles and suggests a bullish outlook for Bitcoin. The current situation is compared to late Q3, 2019, and Q2, 2020, when Bitcoin was trying to surpass $10,000. Bitcoin reached a new all-time high of over $99,600 on November 22. CryptoQuant's CEO shared two scenarios for Bitcoin's price discovery, with targets of $1.15 million and $262,000.



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