- According to a CryptoQuant report, Bitcoin could surpass $50,000 at the beginning of 2024, starting from its current price of $43,000.
- CryptoQuant analysts stated that they might focus on a target range of $50,000 to $53,000 based on the valuation perspective of Bitcoin’s network activity.
- The report highlighted that Bitcoin’s profitability status is currently over 88%, and in a period where a significant portion of the circulating supply is profitable, selling pressure could increase.
According to a new report published by CryptoQuant, the Bitcoin price could rise to $50,000 at the beginning of 2024. Here are the details of the report!
How Will Bitcoin Perform in 2024?
The CryptoQuant report predicted that Bitcoin could surpass $50,000 at the beginning of 2024, starting from its current price of $43,000. The forecast was made using the Metcalfe price valuation band criterion, considering factors such as user activity, market cap, transaction volume, and user activity to analyze Bitcoin’s network.
The report suggested that the target price range for Bitcoin could be between $50,000 and $53,000 at the beginning of the next year. CryptoQuant analysts stated that they might focus on a target range of $50,000 to $53,000 based on the valuation perspective of Bitcoin’s network activity.
According to the latest data from CryptoQuant, Bitcoin’s supply profitability status is currently over 88%. The report referred to a current bull market but indicated an approaching ‘overheated bull phase,’ historically coinciding with price rallies stalling or corrections.
CryptoQuant analysts pointed out that Bitcoin’s profitability status is currently over 88%, and in a period where a significant portion of the circulating supply is profitable, selling pressure could increase. The report emphasized the need to be cautious due to the possibility of potential short-term corrections, noting that high profitability levels of the circulating supply often coincide with local market peaks.
Warning of a Short-Term Correction
The report stated, ‘Given that currently 86% of the circulating supply is profitable, and funding rates are notably high, caution should be exercised due to the possibility of a short-term correction.’ According to CryptoQuant’s updated data, Bitcoin’s profitability within the circulating supply has now surpassed 88%. The report added that such high profitability levels historically coincide with ‘local peaks.’
Bitcoin fell by over 2% on Thursday and was trading at $43,250 at the time of writing. The total cryptocurrency market value dropped nearly 1% today and is currently valued at $1.64 trillion.
