Increasingly more analysts expect Bitcoin to breach the $100,000 mark before the end of 2024 as investor appetite was bolstered by Trump’s presidential victory.
About $180 million in short positions have been wiped as Bitcoin hit another new all-time high of $81,358.
On-chain data shows the Bitcoin retail volume has sharply increased recently as the cryptocurrency has surged to a new high. Bitcoin Retail Volume Is Up More Than 15% Over Last 30 Days As explained by CryptoQuant author Axel Adler Jr in a new post on X, the demand from retail investors has gone up recently. […]
Bitcoin has surged to new all-time highs, reaching $76,500, following Donald Trump’s victory in the US elections. This price breakout has reignited investor optimism, particularly among US traders, with demand increasing significantly since the election results. Trump’s pro-crypto stance has played a key role in boosting market sentiment, especially among institutional investors. Related Reading: Bitcoin […]
Bitcoin price hit a new all-time high above $76,850, and multiple data points suggest that the rally has room to run higher.
Data shows the cryptocurrency derivatives market has suffered a large amount of liquidations following Bitcoin’s rally to its new all-time high (ATH). Bitcoin Has Set A New Record Above $75,000 Today The moment Bitcoin investors have been waiting for these past few months has finally happened, as the number one cryptocurrency has set a brand […]
Markets are bracing for post-election volatility, which may take Bitcoin as high as $100,000 before 2025.
Here’s what the legendary Bitcoin Market Value to Realized Value (MRVRV) Ratio says about whether Bitcoin is currently overheated or not. Bitcoin MVRV Ratio Has Risen Alongside The Latest Rally In a CryptoQuant Quicktake post, an analyst has discussed about the MVRV Ratio of Bitcoin. The “MVRV Ratio” is an on-chain metric that keeps track of the ratio between the Bitcoin market cap and realized cap. The market cap here is just the total valuation of BTC’s circulating supply at the current spot price. The other metric, the realized cap, is also a capitalization model for the asset, but it doesn’t work so simply. Related Reading: Ethereum Volatility Soon? Derivatives Exchanges Receive 82,000 ETH In Deposits Unlike the market cap, this model doesn’t put the same price on every coin in circulation; rather, it assumes that the last price at which a token was transacted represents its ‘true’ value. The previous transaction of any coin is likely to represent the last point it switched hands, so the realized cap essentially takes the sum of the cost basis of all tokens in circulation. One way to look at this model is as a measure of the amount of capital that the investors as a whole have put into the cryptocurrency. The market cap, in contrast, signifies the value that these holders are carrying in the present. When the MVRV Ratio is greater than 1, it means that the market cap is above the realized cap right now. Such a trend suggests the investors as a whole are in a state of net profit. On the other hand, the indicator being below this mark implies the average holder is currently underwater as they are holding their coins at a value below the price they bought them for. As displayed in the above graph, the Bitcoin MVRV Ratio had surged to significant levels back when BTC had broken the November 2021 all-time high (ATH) in the first quarter of the year. An increase in the metric has also followed in the new ATH break, but the metric is clearly not near the same high as earlier in the year yet. Historically, the cryptocurrency has made tops whenever the indicator has risen to high levels. As the quant has marked in the chart, however, how high is a ‘high’ MVRV level has been declining over the last few cycles. If the trendline drawn by the analyst holds, then the current cycle should see a top around when the MVRV Ratio would hit a value of around 3. At present, the metric is at 2, so there may still be a while to go before Bitcoin becomes overheated. Related Reading: Dogecoin Rockets Up 12%, But This FOMO Signal Could End Rally As for why the asset tends to get overheated when the MVRV Ratio shoots up, the reason is that investors become increasingly likely to take part in profit-taking the larger their gains get. BTC Price At the time of writing, Bitcoin is trading around $74,100, up almost 8% over the last 24 hours. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
On-chain data shows the Bitcoin Difficulty has seen a third-consecutive increase in the latest network adjustment. Here’s what this means for BTC. Bitcoin Difficulty Has Just Set A New All-Time High According to data from CoinWarz, the BTC Difficulty has seen a positive change during the latest network adjustment. The “Difficulty” here is a metric […]
The recent activity in Bitcoin price and demand metrics suggests a potential resurgence in market interest, which could lead to a renewed all-time high. So far, Bitcoin has recently achieved a significant price rebound, reclaiming a trading level above $70,000 after a sustained period of resistance just below this price mark. This uptrend follows a 5% increase over the past 24 hours, positioning Bitcoin for $71,933 at the time of writing. One factor influencing this rally is a heightened demand reflected in stablecoin movements, a metric often used to gauge market sentiment and potential buy-in for Bitcoin, CryptoQuant analyst BinhDang highlighted this in a recent post on the CryptoQuant QuickTake Platform. Related Reading: Bitcoin Hash Ribbons Flash ‘Buy’ Signal: Analysts See New Highs On The Horizon Stablecoin Supply Ratio Oscillator Reflects Demand Surge BinhDang highlighted that the Stablecoin Supply Ratio Oscillator (SSRO) has reached levels previously seen during Bitcoin’s lows, notably those observed in November 2022. The analyst noted: Since Bitcoin bottomed in November 2022, the 90-day and 200-day oscillators have seen lows similar to that bottom during the 3 months of Q3 2024. Notably, the SSRO tool, which gauges the ratio of Bitcoin’s market cap to that of prominent stablecoins like USDT, USDC, BUSD, and others, is a barometer for tracking Bitcoin’s demand relative to stablecoin supply. The oscillator measures the extent to which stablecoins, commonly used for Bitcoin purchases, flow into Bitcoin and thus signal purchasing interest. When the oscillator shows low values, as it did during Bitcoin’s November 2022 low, it implies that stablecoins are more likely to be converted into Bitcoin, increasing demand. This trend has resulted in Bitcoin crossing the $70,000 threshold, encouraging investor sentiment and speculation regarding potential future highs. New Bitcoin ATH On The Horizon? According to BinhDang, BTC could continue its upward movement if the demand holds steady and aligns with favorable macroeconomic data or upcoming election insights. BinhDang wrote: SSRO indicates high demands on the average quarterly data set (90d), breaking above the positive 2-points. If demand continues to sustain and the announcements and news in early November include some favorable macro and election data, a move to and break above the positive 3-points is possible. The analyst notes that a rise above the SSRO’s positive three-point level has coincided with strong bullish cycles in previous periods, specifically in January 2023, October 2023, and February 2024. While BTC has consistently seen increases in price over the past days touching nearly $72,000 today, the asset’s daily trading volume has been on the same trend. Related Reading: Bitcoin Triggers Golden Cross: What This Means For The Crypto Trend Particularly, data from CoinGecko shows that in the past 7 days, Bitcoin’s 24-hour trading volume has risen from below $35 billion, as seen last Tuesday, to as high as $51.6 billion. Featured image created with DALL-E, Chart from TradingView
Bitcoin price rallies within $200 of a new all-time high as several fundamentals point to the crypto bull marking picking up pace.
Bitcoin is showing strength by holding tight to the $68,000 level, but a run to new all-time highs will require one key component.
On-chain data shows the Bitcoin Realized Cap has set a new all-time high (ATH) recently as the market has witnessed sharp capital inflows. Bitcoin Realized Cap Has Just Set A New Record According to data from the on-chain analytics firm Glassnode, the capital inflows into Bitcoin have accelerated recently based on the trend in the […]
On-chain data shows that the Bitcoin Mining Hashrate has just set a new all-time high (ATH) despite the asset’s bearish trajectory. 7-Day Average Bitcoin Mining Hashrate Has Shot Up Recently The “Mining Hashrate” refers to a metric that keeps track of the total amount of computing power that the miners as a whole have connected […]
On-chain data suggests minimal resistance for Bitcoin, which could facilitate a rally toward a new all-time high (ATH). Almost All Bitcoin Investors Are Back In The Green With Latest Recovery According to data from the market intelligence platform IntoTheBlock, resistance looks light in the price ranges ahead. In on-chain analysis, the strength of support and resistance levels is based on the number of investors who last bought their coins at them. Related Reading: Bitcoin Bull Cycle Likely To Go On Till Mid-2025: CryptoQuant CEO The chart below shows what the cost basis distribution on the Bitcoin network looked like at the time of the analytics firm’s post. In the graph, the size of the dot corresponds to the addresses that purchased their coins inside the corresponding range. As is apparent, when IntoTheBlock shared the data, the price ranges ahead all had small dots, while those below had big ones. This suggested that few investors left in the market had their cost basis higher than the spot price. That is, there weren’t many holders in loss left anymore. Since then, however, BTC has seen some pullback into the first of the big circles. Nonetheless, at the current price, most holders should still be in the green. To any investor, their cost basis is naturally an important level, and they may be more likely to make a move when a retest of it happens. Investors in loss may look forward to such a retest to exit at their break-even to escape away with their initial investment. A few investors selling at their break-even isn’t of any consequence to the entire market, but if a large amount of them share their cost basis inside a narrow range, then perhaps a reaction large enough to cause fluctuations in the price can emerge. This is why the strength of support and resistance price levels is related to the number of investors who have their cost basis in on-chain analysis. As investors in loss may react to a retest of their cost basis by selling, large red dots can be potential sources of resistance. However, BTC has no significant obstacles left, so the price could be set to travel to higher levels. As investors in loss react by selling, those in profit can look at the retest of their acquisition level as an opportunity to buy more instead. Thus, green dots can be support centers for the cryptocurrency. As BTC has fallen to one of these green dots, it’s possible the coin can use the cushion to spear ahead at the relatively light red ranges. Related Reading: Shiba Inu, XRP Forming Bullish Divergence, Analytics Firm Reveals Something to keep in mind, however, is that while there may not be many investors desperate to exit at their break-even, there is also a different obstacle BTC could face: profit-taking. With an extreme majority of investors in profits, many would likely become tempted to harvest some of their gains as the coin surges toward a new ATH. It remains to be seen whether demand would be able to absorb this potential selloff. BTC Price Bitcoin had neared the $70,000 level earlier in the day, but the coin has since plunged towards the $67,800 mark. Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com
Data shows that Bitcoin active addresses have plunged, but the transaction count has been around an all-time high (ATH). Here’s why this may be so. Bitcoin Active Addresses And Transaction Count Have Diverged Recently According to the latest weekly report from Glassnode, the Bitcoin network has been showing a divergence in its activity-related metrics recently. […]
Data shows the Bitcoin derivatives Open Interest has shot up to a new all-time high (ATH) recently. Here’s what this could mean for the asset’s price. Bitcoin Open Interest Has Registered A Steep Rise Recently In a post on X, CryptoQuant Netherlands community manager Maartunn has discussed about the latest trend in the Open Interest […]
On-chain data shows the Bitcoin mining hashrate has sharply rebounded from its post-Halving lows and has achieved a new all-time high (ATH). 7-Day Average Bitcoin Mining Hashrate Has Just Set A New ATH The Bitcoin network runs on a consensus mechanism known as the “proof-of-work” (PoW). In this system, validators called miners compete with each […]
Bitcoin needs the high yield rate to fall as low as 6% if it wants to reach a "sustainable all-time high", says crypto analyst Timothy Peterson.
An analyst has explained how Bitcoin could be positioned for new all-time highs (ATHs) if it can break through this on-chain resistance level. Bitcoin On-Chain Data Could Suggest This Level Holds Major Resistance In a new post on X, analyst Ali discussed Bitcoin’s current on-chain resistance. In on-chain analysis, the strength of support and resistance levels is based on the total amount of cryptocurrency last acquired at each level. Below is a chart for Glassnode’s UTXO Realized Price Distribution (URPD) metric, which shows the supply distribution across the various price levels based on where the investors bought their coins. From the graph, it’s visible that in terms of the levels currently ahead of the spot price, the $66,250 mark stands out as it hosts the cost basis of over 2% of all Bitcoin UTXOs. Generally, the cost basis is a special level for any investor, and they are naturally more likely to react when it is retested, as it can lead to a flip in their profit-loss situation. The spot price retesting a level won’t produce much reaction if only a few investors share their cost basis around the level. Still, if many holders bought there, the cryptocurrency could see visible effects upon a retest. Investors who are losing money may look forward to such a retest to exit out at their break-even point, as they may fear that the asset will fall back down again in the future, so getting away with their initial capital would seem like the ideal decision. As such, a retest of a level dense with UTXOs from below can lead to a selling reaction in the market, making these levels points of strong resistance for Bitcoin. Since the $66,250 level appears to be where the most coins were purchased out of the levels ahead, this level could be the toughest one to break for the cryptocurrency. On the brighter side, though, the levels after this point are relatively thin. “Once BTC breaks past this level, it will be positioned for new all-time highs!” explains the analyst. The market intelligence platform IntoTheBlock has also discussed about on-chain cost basis distribution in an X post today. As revealed by the firm, around 10% of all addresses acquired their coins between the current spot price and the all-time high the asset set back in March. This would naturally mean that 10% of the total addresses, equivalent to 5.16 million, are in the red on the Bitcoin network. BTC Price Bitcoin has continued to move in its recent range, with its price currently trading around the $62,800 level. Featured image from Erling Løken Andersen on Unsplash.com, Glassnode.com, IntoTheBlock.com, chart from TradingView.com
An analyst has explained what path Bitcoin might need to follow to surge to a new all-time high (ATH) target of $92,190. Bitcoin Needs To Breach This Resistance Barrier To Rise To New ATH In a new thread on X, analyst Ali discussed whether the BTC price has hit the top. The one signal the analyst has pointed out that may point towards the top has been the massive scale of profit-taking that the market has seen recently. Related Reading: Bitcoin Dominance: Traders Preferring The OG To Dogecoin & Other Altcoins Ali is waiting for another confirmation before the top can be confirmed. In the scenario that the top gets validated, these are the targets the analyst has marked based on on-chain data. The distribution of UTXOs across the various price levels | Source: @ali_charts on X The above chart shows the Bitcoin UTXO Realized Price Distribution (URPD) data from Glassnode, which tells us how many coins were last bought at what price levels. Generally, the cost basis is an important level for any investor, so they are likely to show some reaction when a retest of it happens. This reaction is the largest when many investors share their cost basis around the same level. When this retest happens from above, the holders may respond by buying more, as they could see the drop as a dip opportunity. As such, large cost basis zones below the current price can prove to be centers of support. “If the market top is confirmed, BTC could drop toward $51,530 or even $42,700!” notes Ali, given that these two levels are the next major support lines for the coin. The analyst says, however, that if BTC can instead break the $66,250 level, which is a source of major resistance right now since these loss holders may be desperate to exit at their break-even, then this bearish outlook could become invalidated. An on-chain pricing model could provide some hints about what might happen when such a break occurs. The trend in the MVRV Pricing Bands for BTC over the past few years | Source: @ali_charts on X The Market Value to Realized Value (MVRV) Pricing Bands is a model that, in short, tells us about where the different multipliers of the average cost basis of the entire market currently lie. The chart shows that the market cost basis is currently at $28,800. Historically, three multipliers of this metric have been relevant for the asset: 0.8x, 2.4x, and 3.2x. The 0.8x level is where bottoms occur, while the 3.2x line is a probable spot for tops to form. Bull rallies in proper have occurred after a breach of the 2.4x level. At present, the 2.4x level lies at $69,150. “By rising above $66,250, Bitcoin will gain the strength to push towards $69,150. And if this resistance barrier is breached, BTC can advance toward a new all-time high of $92,190,” explains Ali. Related Reading: This Bitcoin Metric Foreshadowed Recent Price Drops, Quant Reveals This ATH target is based on the fact that the 3.2x level is equivalent to $92,190 at the moment. It remains to be seen whether the top is already in and BTC would retest the lower levels or if more is left to this rally. BTC Price At the time of writing, Bitcoin is trading at around $61,100, down more than 7% over the past week. Looks like the price of the coin has plunged over the past day | Source: BTCUSD on TradingView Featured image from Shutterstock.com, Glassnode.com, chart from TradingView.com