- Analysts from CryptoQuant, a reputable market analysis firm, are predicting an optimistic trajectory for Bitcoin’s value in early 2024.
- According to CryptoQuant analysts, examining metrics such as market capitalization, user activity, trading volume, and a metric similar to Metcalfe price valuation band provides a positive forecast.
- Currently, Bitcoin’s value is assessed at $43,810, and the crypto community is eagerly anticipating whether it will create another notable section in price history.
Bitcoin price rests after gaining momentum above $44,000: Expert price predictions for BTC!
Expert Bitcoin Price Predictions
It appears that Bitcoin has finally taken a breather around the key resistance level of $45,000. While eagerly watching its next move, the big question is whether Bitcoin will take a step back or continue towards the desired level of $50,000?
Analysts from CryptoQuant, a reputable market analysis firm, are predicting an optimistic trajectory for Bitcoin’s value in early 2024. Experts at CryptoQuant, a reliable market analysis firm, bring some good news for Bitcoin enthusiasts. They examined the numbers and anticipate a potential uptrend to somewhere between $50,000 and $53,000 in the early months of 2024. The report highlights positive signals seen through realized price metrics that promise a hopeful future for market growth.
According to CryptoQuant analysts, examining metrics such as market capitalization, user activity, trading volume, and a metric similar to Metcalfe price valuation band provides a positive forecast. The report introduces a tool called the “Bitcoin bull-bear market cycle indicator” and warns about a potential “overheated bull phase” that could lead to pauses or corrections in price rallies throughout history, despite being in a full-fledged bull market.
However, amid the positive energy, the report adds a cautionary note. Currently, 86% of the circulating Bitcoin supply is considered profitable, which could signal market peaks or short-term downturns. High funding rates are added to concerns about a potential market correction.
Despite precautions, overall market sentiments, buoyed by the excitement surrounding two significant events. First, the upcoming Bitcoin halving, and second, the potential approval of the spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). If approved, this would be a historic step as the first ETF directly tracking Bitcoin.
Will History Repeat Itself?
Adding to the excitement, analysts at the major British bank, Standard Chartered, present a more positive projection. They believe Bitcoin’s value could significantly rise to $120,000 by the end of next year. The reason behind this bold prediction is the increasing profitability for Bitcoin miners. As miners earn more for each Bitcoin, the decreasing current supply may potentially boost Bitcoin’s price.
When parallels are drawn with past events where BTC experienced significant increases, the big question arises: Can Bitcoin achieve similar success? Currently, Bitcoin’s value is assessed at $43,810, and the crypto community is eagerly anticipating whether it will create another notable section in price history.
