Bitcoin (BTC) Enters ‘Thrill’ Phase, Rally to $150,000 Possible, Analyst Says

Crypto analyst Ash Crypto has revealed that Bitcoin has entered the ‘thrill’ phase. The analyst further explained what to expect from the flagship crypto

Cryptocurrency market analyst Ash Crypto has highlighted the ‘thrill’ phase of Bitcoin’s bull cycle, providing insights into what to expect from the flagship crypto moving forward.

In an X post on Monday, Ash Crypto noted that Bitcoin is entering the thrill phase, which is typically characterized by heightened excitement among investors and traders.

According to the analyst, this phase should be expected to bring high volatility and more liquidation. Overall, the analysis suggests that the trend for BTC will be upwards, with new all-time highs (ATHs) being hit. In this line, Crypto’s analysis projects BTC rallying to highs of $150,000.

The accompanying chart shared by the analyst shows that the thrill phase of the market cycle is where investors and traders may get overexcited about the bull rally and decide to go all in with leverage. However, as Ash Crypto indicated, this could go wrong since there will be a lot of liquidations during this period.

Despite this being a bull market, the Bitcoin price has, at different times, corrected after reaching new highs and flushing out over-leveraged longs in the process.

Earlier in the year, Head of Research at Galaxy Research Alex Thorn also highlighted that bull markets aren’t straight lines up and that substantial price corrections are to be expected.

However, in the long run, the bears get the short end of the stick in a bull run as prices trend upwards.

Recently, crypto analyst Ali Martinez highlighted that over $800 million will be liquidated if Bitcoin rebounds towards $93,000 a price level that BTC briefly reached two days ago as it rallied to a new ATH of $93,400.

The Bitcoin price has since corrected and dropped below $90,000, partly due to the US PPI inflation data, which was higher than forecasted. That development has cast some doubts about whether the Fed will be willing to further cut interest rates in December.

suggesting further price correction in the short term. In an X post on Monday, the crypto market analyst highlighted that the daily Relative Strength Index (RSI) shows BTC is in overbought territory, which usually signals a possible price correction ahead.

This price correction could also come as Bitcoin investors look to secure profits, with Martinez revealing that $5.2 billion in BTC profits have been realized and the sell-side risk ratio has surged to 0.524%. The analyst advised market participants to stay alert and proceed with caution.

Among the whales that are already securing profits, the Bhutan Government is reported to have recently sold $33 million worth of BTC, coming weeks after selling $66 million BTC.

At the time of writing, the price of Bitcoin is trading at around $87,780, down over 2% in the last 24 hours, according to data from CoinMarketCap.