As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous market cycles and learned to read between the lines of data and trends. Based on my analysis of the current Bitcoin price situation, I am cautiously optimistic that BTC will revisit the $100K level soon.
Following a 15% drop, Bitcoin has been trading below the $100,000 mark for almost a week now, with its current value at approximately $94,124. Despite the recent downturn and sideways movement, this article delves into three crucial on-chain indicators that hint at an impending robust recovery in Bitcoin’s price. When can we expect Bitcoin to reach $100,000 again?
In the preceding piece, CoinGape delved into three potential explanations as to when the Bitcoin price slump might come to an end. Here, we’re taking a look at why Bitcoin could recover quickly and potentially return to its previous high of $100,000.
3 Key Metrics That Could Propel Bitcoin Price to $100K
Based on Santiment’s data, the Network Realized Profit/Loss (NPL) indicator surged significantly to approximately 106,000 and 100,000 on December 19th and 20th respectively. This surge in profit-taking indicates that investors may have panic sold. Therefore, there’s a potential for a continued decline due to increased selling pressure.
Adding evidence to this argument, the 30-day Market Value to Realized Value (MVRV) ratio has fallen below zero and currently stands at -4.77%. Historically, Bitcoin (BTC) has found a bottom when its MVRV is between 5% and 10%. Given that BTC’s current MVRV falls within this range, it seems plausible that a reversal could occur in the coming days, potentially signaling an upturn.
In summary, it’s worth noting that a significant amount (30,000) of Bitcoin has been amassed by large whale wallets since the all-time high. Interestingly, even with the temporary market correction, wallets containing between 100 and 1,000 BTC have displayed remarkable resilience. This suggests that investors remain optimistic about Bitcoin as we approach the end of 2025.
Overall, the forecast for Bitcoin’s price seems optimistic, with a significant decrease appearing unlikely at this point. If a decline were to occur, it would probably settle near the $90,000 mark. As suggested in yesterday’s Bitcoin article, such a drop could soon be reversed, leading to consolidation or even a reversal of direction.
In addition, the fourth quarter historically tends to be bullish based on past price trends, supporting the indications from technical analysis and on-chain data. Consequently, it seems that the current downtrend might not persist, suggesting an impending upward trend or recovery may occur shortly.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- USD PHP PREDICTION
- APU PREDICTION. APU cryptocurrency
- USD GEL PREDICTION
- CHEEMS PREDICTION. CHEEMS cryptocurrency
- DUSK PREDICTION. DUSK cryptocurrency
- USD COP PREDICTION
- EUR NZD PREDICTION
2024-12-24 15:53