Analyst Identifies Two On-Chain Paths to $150K BTC
As the crypto market celebrates Bitcoin’s climb to $52,000, an analyst has discovered two on-chain scenarios that could propel the digital asset to $150,000 in the next six months. According to a CryptoQuant quick take by Onchain Edge, these scenarios are based on on-chain data analysis.
Metrics Indicate Potential for BTC Growth
Onchain Edge found that unrealized profits and losses are currently near the 0.54 level, which was BTC’s price top in 2019. The Puell Multiple, a BTC valuation tool, has reached 1.83, providing insights into market buy and sell seasons. Additionally, Bitcoin open interest is rising but has not experienced a blow-off top.
Scenario A: Repetition of 2019 Market Movements
The first scenario predicts a repetition of market movements in 2019. If this occurs, BTC’s value will drop to $23,000 within the next six months before following the second scenario.
Scenario B: Supply in Loss Falls to 3%
In scenario B, the supply in loss will decrease to 3% over the next six months. This would trigger a major bull run and push BTC’s price to $150,000.
Onchain Edge believes that scenario B is more likely as new money has not entered the market and open interest has not peaked yet.
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