Bitcoin Bull Run Starting, Suggests On-Chain Metrics

Vandana  |  Dec 9, 2020

Bitcoin price sits at the $18,000 level but there are indications of a possible bull run. According to the on-chain metrics, the Bitcoin bull run is about to start, to reach another all-time high. However, it is predicted that to reach $20,000, there is a need to maintain the support at $18,000. The on-chain metrics claim that Bitcoin is highly bullish at the moment and is showing a trend similar to that of 2017. Predictions claim that Bitcoin is having huge potential to see ten times more appreciation in its price. 

Bitcoin Price Might Reach $240K if Bull Run Continues 

The current market value of Bitcoin is quite low from the high that it reached during the 2017 bull run. It is now believed that in case the Bitcoin bull run continues like that of 2017, the price is expected to reach $240,000. During the 2017 bull run, Bitcoin price has experienced a huge surge by 1,400% which has led to this extreme all-time high. 

In the present Bitcoin bull run, there is a huge room for growth. This is the reason why predictions claim that Bitcoin might reach $286,000 by the end of this cycle. The on-chain metrics reveal that the Bitcoin bull rally is still at its early phase and it will take time to develop completely.

Parabolic Rally to $328,000

In the previous bullish cycle, the Bitcoin breakout was at 1,620% to its all-time high. In case the predictions hold true and the current scenario turns out to be true, Bitcoin will enter into the parabolic rally to $328,000. In order to maintain the complete bullish outlook, Bitcoin should close the day above $18,000. Not only Bitcoin, but the whole crypto market is maintaining a bullish outlook and there is a huge possibility for Bitcoin to reach another all-time high.

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