CryptoQuant, one of the leading data platforms in the cryptocurrency market, predicted that the Bitcoin price could rise up to 50 thousand dollars at the beginning of 2024. The company’s prediction, based on the Metcalfe price valuation band, was made taking into account important metrics such as market capitalization, trading volume and user movements. However, it was also emphasized in the report that this rise may come with corrections.
Metcalfe Price Forecast:
CryptoQuant analysts stated that Bitcoin price could reach a level between $50 thousand and $53 thousand by the beginning of 2024, based on the Metcalfe price valuation band measurement. The report stated that network activity supports these figures. However, it was emphasized that this prediction may come with various pauses and corrections despite the overheated bull season in the market.
Bull Season and Profitability Rates
The report stated that the current period is described as a bull season and the market is overheated. However, analysts also pointed out that 88% of Bitcoin’s circulating supply is in profit, and stated that this could trigger corrections in the short term. It was also emphasized in the report that similar profitability rates in the past brought about short-term peaks and subsequent corrections.
Price Drop and Latest Situation
After these analyzes in the report, it was noteworthy that the price of Bitcoin decreased from $ 44 thousand to $ 43,000, a decrease of approximately $ 1000. CryptoQuant’s predictions and market analysis encourage investors to be cautious about Bitcoin’s future price movements.