The analytics firm said bitcoin (BTC) could rally to at least $147,000 before topping if it repeats the pattern of previous cycles.
The analytics firm said bitcoin could rally to at least $147,000 before topping if it repeats the pattern of previous cycles.Bitcoin's rally halted below $100,000, but has plenty of more room to run, analytics firm CryptoQuant said in a report.
The firm's current peak price target is at least $147,000, based on a metric that signaled previous cycle tops.) pullback from the $100,000 level after continuously hitting fresh new highs is only a temporary setback before eventually shooting past the barrier to even higher prices, crypto analytics firm CryptoQuant said.
CryptoQuant's custom P&L index, which combines several on-chain valuation metrics to signal whether BTC is overvalued or undervalued, shows that the asset is firmly in a bull market but far from the overvalued levels it reached at the previous market peaks in 2021, 2017 and 2013.The firm's Bull-Bear Market Cycle Indicator has only started to heat up after dipping slightly into bear market territory earlier this year as BTC corrected from March's record $73,000 to $50,000.
New investors aren't rushing to enter the market either. The value of BTC held by new investors, or addresses holding the asset since less than six months ago, stands at 50% of the total value invested in bitcoin . That's far below the 80%-90% levels in 2017 and 2021.
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