CryptoQuant: BTC Will Hit $50,000 in 2024
Experts at CryptoQuant have acknowledged that there is a possibility of Bitcoin reaching the $50,000 mark in early 2024.
Their prediction is based on an analysis of the activity of Bitcoin holders as well as the volume of transactions, market capitalization, and Metcalfe’s law in the context of cryptocurrencies.
The experts suggest that Bitcoin may reach a range of $50,000-$53,000 due to the network activity.
However, they also noted that the market is currently heading towards an “overheated bull phase,” which has historically been followed by pauses and corrections.
The analysts pointed out that over 88% of the circulating coins are in a state of unrealized profit, which may lead to selling pressure and short-term corrections. They also mentioned that in the past, such high levels of unrealized profit have coincided with local highs.
