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Glassnode chief technical officer Rafael Schultze-Kraft has suggested that Bitcoin indicators show Bitcoin price to be on the point of an “insanely bullish” trend.
In a Twitter thread, Schulze-Kraft offered his prediction based on market indicators and data analysis from previous historic trends. In the thread, the Bitcoin bull indicated that he thinks the cryptocurrency will skyrocket to 10 X the price it currently holds.
1/ Where are we in the #Bitcoin market cycle?
A look at some of the most important on-chain market indicators.
TLDR: Insanely bullish, most metrics are far from the top. If things develop anything like 2017, we could see more than 10x $BTC from here.
A THREAD 👇 pic.twitter.com/d1jU0h5fxA
— Rafael Schultze-Kraft (@n3ocortex) December 8, 2020
Prediction: Bitcoin to break $200,000 USD
Schulze-Kraft’s predictions based on the market information account that the leading cryptocurrency will smash through levels of resistance to bag six-figure territory. Almost all of his bullish predictions suggest that Bitcoin will hit $200,000 USD. He based his predictions on different metrics, such as the net unrealised profit/loss (NUPL) of Bitcoin which has soared since the record bull rally in 2017. This metric measures the difference between unrealised gains or losses since tokens have last moved on-chain.
Based on the history of the previous bull rallies, Schulze-Kraft believes Bitcoin’s record high could reach $286,000 USD this cycle. Previously, the cycles of bull rallies came eighteen months following the halving event (which most recently took place in May). With the struggling economy, a fresh wave of investors, and new institutional attention to the market, the bullish predictions for Bitcoin price might not be far off achieving.
Other metrics Schulze-Kraft used to analyse Bitcoin’s possible price trajectory include long-term holder market-volume realised-volume (MVRV), long-term holder spent output profit ratio (SOPR), Thermo Cap Ratio, and Reserve Risk. All data, available and collated by his firm, has been taken as live data and drives his expectations for the token.