On-chain indicators continue to speak bullish language – despite corrections.
That was foreseeable: After the hype about the first approved Bitcoin ETF in the USA cooled down slightly, the relevant crypto currency Bitcoin also corrected significantly. From the interim high of 67,111 US dollars, the digital store of value is 7.6 percent away at the time of writing. However, BTC is currently still trading above the US $ 60,000 mark, which it was not until October 15 that it was exceeded again for the first time. At press time, a coin costs $ 60,600.
Under market watchers: inside, however, one does not throw the gun in the grain – on the contrary. Analysts like Will Clemente point out that corrections are simply necessary after the market overheats. Or in other words:
Shakeouts often come before breakouts— Will Clemente (@WClementeIII) October 25, 2021
A look at on-chain data also shows that Bitcoin continues to have steam on the kettle. The MVRV Z-Score, for example, is just under 4, which is far below an overheated level. The indicator shows the win ratio of hodlers. These are on average over 300 percent plus. It only becomes dangerous at a value of 7.
$ 300,000 Cycle Top?
The comparison with past Bitcoin cycles is also quite bullish. If digital gold takes a similar course as in Era 2 (orange chart), a price of 300,000 US dollars can be expected. If you scaled Era 1 to the current price, it would even amount to a good 900,000 US dollars – but this is unrealistic from the current point of view, since a market capitalization of around 20 trillion US dollars would be necessary.
In terms of the Mayer Multiple, an indicator that sets the Bitcoin price in relation to the 200-day moving average, we cannot speak of overheating. Currently at 1.37, the value is still far from the critical level at 2.4.
The Puell Multiple also shows healthy price growth. The Puell Multiple is an indicator of the selling pressure on the part of the miners in the market. A value above 3 is a warning signal or top signal. The current value is below 2.
There is no other way to put it: on-chain data indicates positive market sentiment. The Bitcoin bull market still has significant room for improvement.
The altcoins are also looking good. Ethereum (ETH), the second largest cryptocurrency by market capitalization, is still surfing the wave of NFT hype and is even gaining more ground than Bitcoin on a weekly basis. Over a seven-day perspective, the smart contract platform posted a gain of 8.2 percent. In the case of BTC, however, it is “only” 2.1 percent. In the ranks of the top 10 coins, Solana (SOL) dominates this week, the price of the Eth competitor is 31 percent up on the previous week.
Bitcoin Predictions by Industry Experts
Bitcoin should reach $500,000 by 2030.Jeremy Liew – A partner at Lightspeed Venture Partners
Bitcoin’s market cap is expected to surpass gold’s then market cap which was $7.5 trillion.Mike Novogratz – A former hedge fund manager & crypto enthusiast
Bitcoin shall reach $1,000,000 in five to ten years times which means no sooner than 2022 but as delayed as 2027.Wences Casares – CEO & founder of Xapo
Bitcoin will reach $1,00,000 in the next 3 – 4 years and for the long run will reach the mark of $1 million in or by 2037.Chamath Palihapitiya – Co-owner of Golden State Warriors & founder of Social Capital
Bitcoin will continue to be appreciated by investors.Bloomberg’s Crypto Galaxy Index (BGCI) report
Bitcoin shall soar to $3,00,000 per bitcoin in the next five years.Adam Back – A cryptographer & crypto pioneer
The adoption of bitcoin by institutional investors has only begun, while for gold its adoption by institutional investors is very advanced. If this medium to longer-term thesis proves right, the price of gold would suffer from a structural flow headwind over the coming years.JPMorgan
Bitcoin Price Prediction 2021
According to TradingBeasts’ BTC price prediction, is likely to cross $70,797 by the end of 2021. Bitcoin will trade in the range of $48,000-$56,000 with the minimum & maximum BTC price respectively in the year 2021. As per the above chart, the technical indicators of the king of cryptocurrency also reflect the possibility of continual bullish rally. Moreover, The Bitcoin price surged more than 4% over the last 24 hours to hit a new all-time high of $62,839 ahead of Coinbase debut, as Coinbase is set to go public by April 14 and could be valued at as much as $100 billion.
Bitcoin Forecast for 2022 – 2023
Bitcoin price forecast for the year 2022 is predicted at $87,500 by TradingBeasts, given all other factors being stable and no emergency scenario will change. Bitcoin price is likely to trade around $60,000 and $70,000 for a minimum price and maximum price respectively in the year 2022.
As per our Bitcoin price prediction for 2023, BTC price will cross the bar of $96,000; and hold the market with a steady position. The lowest Bitcoin price will be around $65,000 and highest price will be above $82,000 in the year 2023.
Bitcoin Price Prediction for 2024
Bitcoin might start the year 2024 with an average price of $104,000; Bitcoin can trade around the price of $100,000 by the end of 2024. Bitcoin could trade with a min. price of $70,000 and a max. of $100,000 in 2024.
Bitcoin Prediction for 2025
Bitcoin price prediction 2025 seems to be the year of the bull with Bitcoin at an all-time high of $100,000, to as much as $400,000. It could be the year of Bitcoin.
It is very much likely that Bitcoin will double in price, but it is also possible it may not. This is merely for the reason that it is not supported by any specific regulatory authority or regime. Some could have made thousands of dollars in Bitcoin after an early $100 investment, but when the recent charts started to look a lot like a stock market bubble, many probably took their money and ran.