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Bitcoin(CRYPTO: BTC) may be entering a two-to-three-year bull market after a a major shift in the market cycle, according to prominent Bitcoin advocate Jesse Myers.
Is Bitcoin Repeating 2023?
Myers said Friday that Bitcoin’s faster-than-expected move above the short-term holder cost basis strengthens his view that the $64,000 area marked a bottom.
It echoes the transition from the 2022 bear market into the 2023-2025 bull cycle.
Myers pointed to Bitcoin’s short-term holder MVRV, which compares BTC’s price with the average cost of recent buyers.
In 2022, the metric bottomed in June and recovered for about seven months. Bitcoin then moved above the short-term holder cost basis in January 2023.
The metric stayed positive for more than 80% of the next 2.5 years as Bitcoin entered a bull market.
Myers sees a similar pattern now. The metric bottomed in February 2026 and recovered for seven months before Bitcoin broke above the cost basis in late August.
“Welcome to the new bull market,” Myers said.
Could Bitcoin Hit $464,000?
Myers’ base case is that the latest breakout will eventually be viewed as the beginning of the 2026-2029 Bitcoin bull market.
Price targets remain less certain.
Bitcoin gained roughly eightfold from the bottom of its previous bear market. Applying the same multiple to the latest $58,000 cycle low would put BTC near $464,000.
Even a more conservative fourfold increase would put Bitcoin around $232,000.
“If you thought Bitcoin was dead, or you were hoping to buy BTC lower… now might be the time to re-evaluate,” Myers said.
The 2028 Bitcoin halving could add another catalyst, with Myers expecting investors to buy ahead of the event.
Meanwhile, rising prices are likely to draw sidelined buyers back into the market.
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