spotlight lately Bitcoin As optimism grew that its ETF would be approved, Bitcoin also experienced a significant rally, surpassing $44,000.
Bitcoin Currently trading at $43,000, investors are wondering whether this rally will continue. At this point investors CryptoQuantGood news came from .
According to the news of The BlockStating that the rally in BTC will continue, analysts argued that the Bitcoin price could exceed $ 50,000 in early 2024.
Analysts who used the Metcalfe price valuation band metric in this prediction stated that, according to their analysis, Bitcoin’s target price range could be $ 50,000 to $ 53,000 at the beginning of 2024.
However, analysts added to their analysis that they expect a correction in the short term.
“We think the target price range on Bitcoin will be $50,000 to $53,000 in early 2024 from a network activity valuation perspective.
Additionally, the “Bitcoin bull-bear market cycle indicator” is also on, which indicates that while the metrics point to the current bull market and its continuation, it is approaching an overheated bull phase, which has historically been consistent with price rally pauses or corrections.
So, there may be a correction in the short term.”
At this point, analysts said that 90% of Bitcoin’s circulating supply is currently in profit, indicating a possible short-term correction.
CryptoQuant analysts “Given that 88% of Bitcoin’s circulating supply is currently in profit and funding rates have risen significantly, we advise caution due to the possibility of a short-term correction. Because the level of profit in the supply in circulation has never been this high.” said.
Bitcoin At the time of writing, it continues to be traded at $ 43,289.
*This is not investment advice.
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