It has been just revealed the fact that Bitcoin’s price could soon rise above $50k at the beginning of 2024. Check out the latest reports about this below.
Bitcoin’s price to rise above $50k
A CryptoQuant report predicted Bitcoin BTC -2.07% could potentially exceed $50,000 early in 2024,.
According to a report, Bitcoin’s potential price range in early next year could be between $50,000 to $53,000.
The prediction is based on analyzing user activity, market capitalization, transaction volume and using the Metcalfe price valuation band metric.
“Bitcoin may be targeting $50,000 to $53,000 based on the network activity valuation perspective,” CryptoQuant analysts said.
A report has been released that refers to the “bitcoin bull-bear market cycle indicator.” The report suggests that we are currently in a bull market, but nearing an “overheated bull phase.” This phase has historically caused price rally pauses or corrections.
According to analysts at CryptoQuant, Bitcoin’s supply in profit is above 88%. This may result in an increase in sell pressure, as a significant portion of the circulating supply is already in profit.
The report warns of potential short-term corrections, noting that high levels of circulating supply in profit often align with local market tops.
“Caution is advised due to the possibility of a short-term correction, given that 86% of the circulating supply is currently in profit and funding rates are noticeably elevated,” the report said. Current data from CryptoQuant shows that the circulating supply of bitcoin in profit has now increased to over 88%. The report added that such high levels of circulating supply in profit “have historically coincided with local tops.”
Bitcoin fell by over 2% on Thursday, trading for $43,100 at 7:10 a.m. ET. The entire cryptocurrency market capitalization is down nearly 1% today, now valued at $1.64 trillion, as the online publication The Block notes.
Stay tuned for more news from the crypto space and make sure to keep your eyes on the market as well.
