November 29, 2024
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CryptoQuant called the goal of Bitcoin in the current cycle

After the price correction, some digital gold metrics signal the continuation of the bullish phase of the market with a target of $146,000. This is the conclusion reached by CryptoQuant. Is it too late to buy in? Bitcoin has surged 34% in November ’24, with the bull run in full swing. The CryptoQuant Cycle Indicator shows that Cycle Peak has not reached the Extreme Bull phase […]”, — write: businessua.com.ua

CryptoQuant called the purpose of bitcoin in the current cycle - INFBusiness

After the price correction, some digital gold metrics signal the continuation of the bullish phase of the market with a target of $146,000. This is the conclusion reached by CryptoQuant.

Analysts noted that currently the share of “new investors” coins is slightly more than 50% of the total volume of supply. During the previous peaks of the rally in 2017 and 2021, the indicator was over 90% and 80%, respectively.

CryptoQuant named the purpose of bitcoin in the current cycle - INFBusiness

Source: CryptoQuant.

Current values ​​are explained by the moderate activity of retail investors. Most often, the opposite situation is “a typical condition of extremes of the market cycle”, experts noted.

Since October, retail investors have reduced their holdings by 41,000 BTC, while whales have increased their holdings by 130,000 BTC.

“Previous bullruns ended when the first category bought aggressively, and today this is not happening,” explained CryptoQuant.

The shift indicates a possible change in the nature of the accumulation phase, in which institutional and large players took the leading role. From November 18 to 22, spot BTC-ETF inflows reached a record $3.1 billion, which happened against the background of bitcoin approaching $100,000.

The CryptoQuant market cycle indicator has been in a bullish zone since early November and has continued to rise since then. The indicator did not enter the “overheated area” unlike in March 2024, when Bitcoin reached ATH on the verge of $74,000.

CryptoQuant named the purpose of bitcoin in the current cycle - INFBusiness

Source: CryptoQuant.

From the point of view of the realized price, the upper reference point for the course of the first cryptocurrency is $146,000.

“This range served as the top for quotations in previous bull markets. The P&L index has not yet reached overbought levels in this bull run. This indicates opportunities for continued growth,” the experts concluded.

CryptoQuant named the purpose of bitcoin in the current cycle - INFBusiness

Source: CryptoQuant.

Earlier, experts called the current Bitcoin pullback a pause before the rise to $100,000.

We will remind you that Pantera Capital predicted an increase in the price of the first cryptocurrency to $740,000.

The source

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