Bitcoin’s push towards a $100,000 price point slowed recently, dipping below $93,000 before partially recovering to $96,500. This has left investors questioning whether the Market is nearing its peak or if it still has room to grow. An analytics firm, CryptoQuant, suggests that Bitcoin could reach as high as $146,000 in this cycle based on historical price metrics, but warns that many new investors have not yet entered the Market in significant numbers. Meanwhile, retail trading activity has not reached levels typically seen at Market peaks. Although Bitcoin saw a slight increase recently, it remains down over 2% for the week, indicating ongoing volatility.
Recently, the buzz about Bitcoin reaching $100,000 has quieted down as the cryptocurrency dropped below $93,000. However, Bitcoin made a slight comeback, hitting $98,500 on Friday, November 29. This has left many investors pondering whether we’ve hit the peak of this Market cycle or if there’s still potential for growth. Notably, an on-chain analytics firm has suggested that the crypto Market remains in a bullish phase.
In its latest report, CryptoQuant, a blockchain analytics company, has indicated that Bitcoin could reach a peak price within a six-figure range. They’ve based their projections on a pricing metric called the realized price, which reflects the last price at which each Bitcoin was traded. Historically, this metric has often signaled the Market‘s top points.
Currently, CryptoQuant’s analysis suggests a possible peak of around $146,000. In the past, similar pricing bands have indicated Market tops, seen around April and May in 2021. Interestingly, the amount of Bitcoin held by new investors is still relatively low, only surpassing 50% of the total BTC supply. This is significantly less than the 90% and 80% shares observed during previous bull cycles in 2017 and 2021.
CryptoQuant warns that Market tops usually occur when new investors rush to buy Bitcoin at high prices. Moreover, retail trading activity hasn’t reached levels typically associated with a peak, as history shows that aggressive accumulation among retail investors often signals the Market is at its highest point.
While there might be a temporary pullback in Bitcoin’s price soon, the current price sits around $96,500, a nearly 3% increase over the past day. Even with this recovery, Bitcoin is still down slightly over the past week.
In summary, although Bitcoin has seen some price recovery, the Market appears to be in a cautious place, with analysts suggesting that a significant peak might still be on the horizon.
What does CryptoQuant think about Bitcoin reaching $146,000?
CryptoQuant suggests that Bitcoin could reach $146,000 based on Market data and trends they analyze.
Why do experts believe Bitcoin can hit such a high price?
Experts believe that Bitcoin’s price can rise due to factors like increasing demand, Market adoption, and limited supply.
Is $146,000 a realistic price for Bitcoin?
While it’s a possibility based on certain analyses, it’s important to remember that cryptocurrency prices are very volatile and can change quickly.
What influences Bitcoin’s price the most?
Bitcoin’s price can be influenced by Market trends, investor sentiment, regulations, and news about technology or security.
Should I invest in Bitcoin now?
Investing in Bitcoin can be risky. It’s important to do your research and consider your financial situation before making any investment.
