Bitcoin (BTC) has slumped back to $95,000 after coming within a few hundred dollars of passing the symbolic $100,000 price level. But the largest cryptocurrency is only catching its breath before surging to newer heights, according to investment management firm ARK Invest.

“We’re more or less anticipating $104,000 to $124,000 price targets by end of year,” David Puell, one of the firm’s research associates, told CoinDesk in an interview. “With the caveat that it’s not a recommendation, but so far, price action has kept up to that projection quite nicely.”

Puell’s calculus is based on bitcoin’s seasonality — a term referring to the ways the asset has behaved in various stages of previous bull markets — as well as on-chain metrics. In Puell’s view, cycles are very much still at play until any strong evidence of the contrary, meaning that he eventually expects a top to form and for bitcoin to experience another serious pullback like in 2022.

“I would classify the current market environment as a sort of middle of the bull,” Puell said. “If you’re measuring bottom to top, I would say we’re at about 55% to 65% of the way there.” That cur

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Author: Tom Carreras