Even though Bitcoin has been under pressure recently, Arsen, an independent cryptocurrency analyst, has not lost confidence. Instead, he optimistically predicts that Bitcoin will continue to reach new highs and rise to $330,000 in this bull market.

Arsen pointed out that during the correction of the cryptocurrency market, "smart money" from institutional investors, market experts and financial professionals are also continuing to buy Bitcoin, which shows that everyone is still optimistic about the long-term prospects of Bitcoin.

“This decline is nothing new and not surprising,” the analyst said, referring to Bitcoin’s past bull market cycles, which have seen Bitcoin’s price skyrocket every four years.

For example, Bitcoin’s first bull market in 2012 lasted 800 days, with the price soaring by approximately 9,000%, and was subsequently followed by increases of approximately 3,000% and 1,200% in the bull markets of 2016 and 2020 respectively.

Arsen pointed out that Bitcoin’s gains in each bull market will be reduced by 60%. In other words, this bull run is a price increase of about 450% and is expected to push Bitcoin to about $330,000.

On the other hand, the on-chain analysis platform CryptoQuant also stated in a report a few days ago that just as Bitcoin is falling sharply, "big whales" are also frantically increasing their purchases. The speed is the first time since April 2023. In the past month, the currency holdings of large investors increased by 6.3%.

CryptoQuant analysts pointed out that even if these whales suffer losses, they are still not willing to sell, which may be an early sign that Bitcoin has hit a bottom.

〈How high can Bitcoin go in this bull market? Analysts shout out "$330,000" target price. This article was first published on "Blocker".