Analyzing Bitcoin's Future: Two Potential Scenarios Unveiled by Critical On-Chain Metrics
Bitcoin (BTC) may be on the verge of a remarkable journey to $150,000, as indicated by an analysis from onchain_edge, shared through CryptoQuant.com. Delving into over 100 hours of on-chain data examination, the analysis unravels two potential scenarios that could lead BTC to this ambitious price point.
Critical indicators, including Net Unrealized Profits and Losses (NUPL) and the Puell Multiple, contribute to a complex yet optimistic narrative. NUPL, close to the 2019 peak at a crucial 0.54 level, suggests a substantial market portion in profit. The Puell Multiple at 1.83 signals room for growth compared to the 2019 barrier of 2.05.
BTC's open interest, echoing early 2021 levels, points towards a healthy and expanding interest. The gradual rise in open interest, without a 2021-like explosive peak, hints at the potential for further escalation.
Scenario A mirrors the 2019 cycle, anticipating a dip to the realized price line ($23k) within six months, followed by a recovery. Conversely, Scenario B envisions a 3% drop in supply and loss, paving the way for a significant bull run and a potential surge to $150k.
Scenario B gains prominence as the more likely outcome, aligning with the absence of new money influx and an open interest blow-off top. The analysis advises against hasty sell-offs, urging patience due to the market's unforeseen twists.
Leveraging is discouraged given the market's unpredictability. As of the latest update, Bitcoin is trading at $51,884.41, experiencing a minor 0.22% dip over the last 24 hours.
Onchain_edge's in-depth on-chain analysis, shared through CryptoQuant.com, paints a comprehensive picture of Bitcoin's potential journey. The nuanced interpretation of data underscores the dynamic and unpredictable nature of the crypto market.
