CryptoQuant Predicts BTC Price To Hit $53K in Coming Month, Is This The Right Time To Buy Bitcoin? – Coinpedia Fintech News
Bitcoin takes a breather with key resistance resting at the $45k mark. Will Bitcoin experience a significant pullback as option markets hint at a push toward the $50k handle? Analysts from CryptoQuant, a well-regarded market analysis firm, foresee an optimistic trajectory for Bitcoin’s value in early 2024.
Their forecast suggests Bitcoin could ascend to a range between $50,000 to $53,000 in the upcoming months. The report observes a positive trend for Bitcoin (BTC) through the realized price metric, indicating potential market growth.
Analysts call for bitcoin bull-bear market cycle
According to CryptoQuant analysts, these metrics, along with the Metcalfe price valuation band, indicate a potential price range for Bitcoin between $50,000 and $53,000 in the coming months. This bullish outlook is rooted in an evaluation of various metrics like market capitalization, user activity, transaction volume, and the Metcalfe price valuation band.
The report also mentions the tool called the “Bitcoin bull-bear market cycle indicator.” Indicating a full bull market but also reaching an “overheated bull phase” soon. That means historically it can lead to price rally pauses or corrections.
Short-Term Correction Overhauls, Before The Bull Run
However, while expressing optimism about Bitcoin’s price trajectory, CryptoQuant’s report also cautions investors about potential short-term corrections. The report highlights that currently, 86% of the circulating Bitcoin supply is in a profitable state, which could potentially lead to market tops or temporary declines. Elevated funding rates also contribute to the concern of a short-term market correction.
But market sentiments are positive towards Bitcoin, primarily due to anticipation surrounding future events like the Bitcoin halving and the prospective approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). If approved, this would mark the first time such a fund directly tracks Bitcoin.
Can Bitcoin Hit the $120K Mark in 2024?
Similarly, Standard Chartered, one of the UK’s leading banks, has offered an even more bullish projection. Analysts from the bank suggest that Bitcoin’s value might skyrocket to an impressive $120,000 by the end of the upcoming year.
They attribute this potential surge to enhanced profitability for Bitcoin miners. With miners earning more for each Bitcoin they mine, they could sell less, which in turn would decrease the available Bitcoin supply and consequently drive its price higher.
Overall, it’s a bullish signal, reflecting a leap of faith in BTC’s price if ETFs are approved. In the past occurrences, BTC surged by 12,736%, 4,474%, and 819%. Currently, Bitcoin is valued at $43,697. Can it make it again?
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