Price models suggest Bitcoin’s (BTC) bull run is just getting started, according to on-chain analyst Willy Woo.

Woo tells his 1 million followers on the social media platform X that Bitcoin’s upper bound is currently $337,000.

“So this bull market is still early, equivalent to $20,000 of last cycle. Last cycle didn’t hit the upper bound due to the flood of paper BTC, this is less dominant this cycle.”

Paper BTC means derivatives that represent Bitcoin but don’t involve actual ownership of the asset.

Woo also looks at the Bitcoin Macro Index (BMI), a composite of 17 fundamental and technical macro signals that track the behavior of BTC investors and miners.

“We broke the upper blue band this week which is the signal we are in a full fundamentals-driven bull market.”

The analyst also notes that the Bitcoin network is storing $1.8 billion worth of new capital per day.

“This is the 3rd highest on record, all-time record was $2.15 billion in January 2021.”

Bitcoin is trading at $71,633 at time of writing. The top-ranked crypto asset by market cap set a new all-time high of $72,733 on Tuesday morning and is up nearly 13% in the past week and more than 47% in the past 30 days.

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