Price models suggest Bitcoin\u2019s (BTC<\/a>) bull run is just getting started, according to on-chain analyst Willy Woo.<\/p>\n Woo tells<\/a> his 1 million followers on the social media platform X that Bitcoin\u2019s upper bound is currently $337,000.<\/p>\n \u201cSo this bull market is still early, equivalent to $20,000 of last cycle. Last cycle didn\u2019t hit the upper bound due to the flood of paper BTC, this is less dominant this cycle.\u201d<\/em><\/p>\n Paper BTC means derivatives that represent Bitcoin but don\u2019t involve actual ownership of the asset.<\/p>\n Woo also looks at<\/a> the Bitcoin Macro Index (BMI), a composite of 17 fundamental and technical macro signals that track the behavior of BTC investors and miners.<\/p>\n \u201cWe broke the upper blue band this week which is the signal we are in a full fundamentals-driven bull market.\u201d<\/em><\/p>\n The analyst also notes<\/a> that the Bitcoin network is storing $1.8 billion worth of new capital per day.<\/p>\n \u201cThis is the 3rd highest on record, all-time record was $2.15 billion in January 2021.\u201d<\/em><\/p>\n Bitcoin is trading at $71,633 at time of writing. The top-ranked crypto asset by market cap set a new all-time high of $72,733 on Tuesday morning and is up nearly 13% in the past week and more than 47% in the past 30 days.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Generated Image: DALLE3<\/em><\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" Price models suggest Bitcoin\u2019s (BTC) bull run is just getting started, according to on-chain analyst Willy Woo. Woo tells his 1 million followers on the social media platform X that Bitcoin\u2019s upper bound is currently $337,000. \u201cSo this bull market is still early, equivalent to $20,000 of last cycle. Last cycle didn\u2019t hit the upper […]<\/p>\n","protected":false},"author":2,"featured_media":264305,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-264304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/264304","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=264304"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/264304\/revisions"}],"predecessor-version":[{"id":264307,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/264304\/revisions\/264307"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/264305"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=264304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=264304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=264304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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