Bitcoin Surges 50% in 2023 as Analysts Predict Further Gains in Ongoing Bull Cycle
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Bitcoin has seen immense gains in 2023, rising 50% since January despite hitting a cycle low of $15,500 in November 2022.
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On-chain metrics like MVRV ratio and SOPR indicate the Bitcoin bull market likely began in January 2023 and remains in its early-to-mid stage.
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Record high demand, partly driven by ETF interest, fueled Bitcoin's early all-time high, though it still hasn't hit valuation thresholds that typically signal a cycle top.
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Analysts believe Bitcoin's 4-year cycle remains intact and that it has room to grow, with one predicting it could hit $250k this cycle.
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The current Bitcoin uptrend appears "very robust" based on market structure, though metrics are monitored for signs of cycle extremes.