The highly anticipated Bitcoin halving took place on April 20. Following this important event, analysts and experts express different opinions on the direction of Bitcoin. Famous analyst Tom Lee from Fundstrat continues his bullish belief on Bitcoin. Meanwhile, on-chain data shows market cooling despite lucrative BTC supply. In this context, historical MVRV Ratio trends point to promising buying opportunities.
According to Tom Lee, the future is bright for Bitcoin!
cryptokoin.comAs you follow from , after the halving, although Bitcoin maintains its ground, it is having a hard time moving forward. However, some analysts are hopeful about the future. Hedge fund veteran Tom Lee stands out as one of these analysts. The analyst maintains his bullish belief on Bitcoin (BTC) after the halving. Lee points to the Runes protocol, which helps generate large amounts of fees for the blockchain. In this context, Lee makes the following statement:
This is reminiscent of Bitcoin’s hard currency. Because it is pre-programmed to cut the block reward every 210,000 blocks. We know that means you’re reducing supply, but demand is strong and Bitcoin network usage has been really strong because of things like the Runes protocol, so you’ve made the demand side stronger and the supply side smaller, so I think there’s upward pressure on the price…
“Bitcoin could hit $150,000 before the end of the year!”
The analyst says that the Runes protocol will make an upward contribution to the BTC price. Lee predicts the BTC cycle will reach $150,000, potentially before the end of the year. In this regard, the analyst says the following:
I think Bitcoin will definitely hit an all-time high this year. That’s why we think a figure like $150,000 is possible this year. Longer term, I don’t think there is any harm in people setting $500,000 or much higher targets for Bitcoin.
Bitcoin’s MVRV rate dropped below average!
Bitcoin’s recent rise to $66,000 has sparked speculation among investors about BTC’s bottom. All eyes are on key price levels, with potential gains of up to 67% implied by the MVRV ratio. According to the analyst with the nickname Nebraskangooner, a move towards $75,000 could signal that the bottom is in sight. However, a drop below $58,000 will indicate otherwise.
In parallel, on-chain data shows that 88.8% of Bitcoin supply is profitable. It also reveals that this rate has decreased from high levels at the beginning of this year. This trend mirrors the conditions observed on February 7, 2024, when Bitcoin was trading at $44,000. It also signals a possible cooling in market sentiment, possibly leading to a consolidation phase.
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