{"id":653394,"date":"2024-11-16T18:00:58","date_gmt":"2024-11-16T18:00:58","guid":{"rendered":"https:\/\/uniquehot.com\/?p=653394"},"modified":"2024-11-16T08:08:47","modified_gmt":"2024-11-16T08:08:47","slug":"bitcoin-price-could-soon-break-100000-blockchain-firm-explains-how","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-could-soon-break-100000-blockchain-firm-explains-how\/","title":{"rendered":"Bitcoin Price Could Soon Break $100,000, Blockchain Firm Explains How"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The Bitcoin price continued its red-hot form over the past week, printing successive all-time highs in less than five days. While Donald Trump\u2019s success at the United States elections might have kickstarted the recent rally, the growth of the premier cryptocurrency \u2014 and the general crypto market \u2014 seems to have developed a life of its own.<\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><span style=\"font-weight: 400\">Interestingly, the market has been left wondering where the next market top is, with some pundits and commentators believing that the BTC price <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-expert-predicts-correction-to-78000-cme-gap-reveals-date-for-next-bear-market\/\" target=\"_blank\" rel=\"noopener \">rally has come to an end<\/a>. However, a prominent on-chain analytics firm has come forward to say that the Bitcoin price still has room for some upside movement.<\/span><\/p>\n<h2><b>Four Reasons Why $100,000 Is Possible For Bitcoin Price: CryptoQuant<\/b><span style=\"font-weight: 400\"><br \/>\n<\/span><\/h2>\n<p><span style=\"font-weight: 400\">In its latest weekly report, CryptoQuant <a href=\"https:\/\/cryptoquant.com\/community\/dashboard\/6735acd8e68abb003e57907e?utm_source=telegram&amp;utm_medium=sns&amp;utm_campaign=dashboard&amp;utm_content=crypto-weekly-report\" target=\"_blank\" rel=\"noopener nofollow\">revealed<\/a> that Bitcoin, the world\u2019s largest cryptocurrency by market capitalization, is yet to be overvalued despite its recent positive momentum. According to the blockchain platform, the market leader could soon reach the highly-coveted price level of $100,000.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/dogecoin-2\/dogecoin-explodes-112-is-1-the-new-target-after-this-historic-rally\/\" target=\"_blank\" rel=\"noopener \">Dogecoin Explodes 112% \u2013 Is $1 The New Target After This Historic Rally?<\/a><\/div>\n<div><\/div>\n<div class=\"related-reading-shortcode\"><span style=\"font-weight: 400\">The rationale behind this projection is based on valuable metrics, such as the MVRV (market value to realized value) ratio. As the name suggests, this indicator measures the ratio between the market value and the realized value of a cryptocurrency. As such, the MVRV helps to assess the tops and bottoms of the Bitcoin market.<\/span><\/div>\n<p><span style=\"font-weight: 400\"><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/can-bitcoin-price-reach-a-new-all-time-high-golden-cross\/\" target=\"_blank\" rel=\"noopener \">CryptoQuant<\/a> noted that Bitcoin is not yet overvalued at the current price levels, as the MVRV metric is still outside the overvalued region. This ultimately means that the bullish price action is not overheated, and the Bitcoin price could still make a play for higher prices.<\/span><\/p>\n<p><span style=\"font-weight: 400\">What\u2019s more, the Trader On-chain Realized max band is pointing to $100,000 as the next target for the Bitcoin price. According to CryptoQuant, the last time the max band reached its current level was in March 2024 when the premier cryptocurrency surpassed the $70,000 level for the first time.<\/span><\/p>\n<figure id=\"attachment_653395\" aria-describedby=\"caption-attachment-653395\" style=\"width: 1752px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-653395 size-full\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/Screen-Shot-2024-11-16-at-02.27.20.png?resize=1752%2C530\" alt=\"Bitcoin price\" width=\"1752\" height=\"530\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/Screen-Shot-2024-11-16-at-02.27.20.png?w=1752 1752w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/Screen-Shot-2024-11-16-at-02.27.20.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/Screen-Shot-2024-11-16-at-02.27.20.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/Screen-Shot-2024-11-16-at-02.27.20.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/Screen-Shot-2024-11-16-at-02.27.20.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/Screen-Shot-2024-11-16-at-02.27.20.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/Screen-Shot-2024-11-16-at-02.27.20.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-653395\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Another on-chain observation that supports the continuous Bitcoin price rally is the<a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-retail-finally-metrics-explosion-interest\/\" target=\"_blank\" rel=\"noopener \"> demand growth<\/a>. CryptoQuant highlighted that investor demand in the United States has returned since the presidential election, with Coinbase Premium remaining positive in the past few days.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Finally, crypto market liquidity has continued to increase over the past few weeks, as stablecoins make their onto exchanges.\u00a0 For context, more than $3.2 billion in USDT has flowed into exchanges since the US election, signaling the potential of a sustained Bitcoin price rally.<\/span><\/p>\n<h2><b>Tread With Caution<\/b><\/h2>\n<p><span style=\"font-weight: 400\">However, CryptoQuant sounded a warning in its report, saying that <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-consolidates-after-recent-surge-metrics-reveal-moderate-selling-pressure\/\" target=\"_blank\" rel=\"noopener \">some selling action<\/a> could follow the recent price rally. While some Bitcoin miners have started offloading their assets for profit, the blockchain firm also noted that the Bitcoin selling seen so far is still insignificant but could rise quickly soon.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/dogecoin\/how-low-can-dogecoin-go-before-rallying-again\/\" target=\"_blank\" rel=\"noopener \">How Low Can Dogecoin Go Before Rallying Again? Expert Forecast<\/a><\/div>\n<div><\/div>\n<div class=\"related-reading-shortcode\"><span style=\"font-weight: 400\">As of this writing, the Bitcoin price stands around $91,270, reflecting a 4% increase in the past 24 hours. According to CoinGecko, the flagship cryptocurrency is up by more than 19% in the past week.<\/span><\/div>\n<figure style=\"width: 2174px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/xMWilKK1\/\" alt=\"Bitcoin price\" width=\"2174\" height=\"1432\"><figcaption class=\"wp-caption-text\">The price of BTC on the daily timeframe | Source: BTCUSDT chart on <a href=\"https:\/\/www.tradingview.com\/x\/xMWilKK1\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\"><em>Featured image from iStock, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Bitcoin price continued its red-hot form over the past week, printing successive all-time highs in less than five days. While Donald Trump\u2019s success at the United States elections might have kickstarted the recent rally, the growth of the premier cryptocurrency \u2014 and the general crypto market \u2014 seems to have developed a life of its own. Interestingly, the market has been left wondering where the next market top is, with some pundits and commentators believing that the BTC price rally has come to an end. However, a prominent on-chain analytics firm has come forward to say that the Bitcoin price still has room for some upside movement. Four Reasons Why $100,000 Is Possible For Bitcoin Price: CryptoQuant In its latest weekly report, CryptoQuant revealed that Bitcoin, the world\u2019s largest cryptocurrency by market capitalization, is yet to be overvalued despite its recent positive momentum. According to the blockchain platform, the market leader could soon reach the highly-coveted price level of $100,000. Related Reading: Dogecoin Explodes 112% \u2013 Is $1 The New Target After This Historic Rally? The rationale behind this projection is based on valuable metrics, such as the MVRV (market value to realized value) ratio. As the name suggests, this indicator measures the ratio between the market value and the realized value of a cryptocurrency. As such, the MVRV helps to assess the tops and bottoms of the Bitcoin market. CryptoQuant noted that Bitcoin is not yet overvalued at the current price levels, as the MVRV metric is still outside the overvalued region. This ultimately means that the bullish price action is not overheated, and the Bitcoin price could still make a play for higher prices. What\u2019s more, the Trader On-chain Realized max band is pointing to $100,000 as the next target for the Bitcoin price. According to CryptoQuant, the last time the max band reached its current level was in March 2024 when the premier cryptocurrency surpassed the $70,000 level for the first time. Another on-chain observation that supports the continuous Bitcoin price rally is the demand growth. CryptoQuant highlighted that investor demand in the United States has returned since the presidential election, with Coinbase Premium remaining positive in the past few days. Finally, crypto market liquidity has continued to increase over the past few weeks, as stablecoins make their onto exchanges.\u00a0 For context, more than $3.2 billion in USDT has flowed into exchanges since the US election, signaling the potential of a sustained Bitcoin price rally. Tread With Caution However, CryptoQuant sounded a warning in its report, saying that some selling action could follow the recent price rally. While some Bitcoin miners have started offloading their assets for profit, the blockchain firm also noted that the Bitcoin selling seen so far is still insignificant but could rise quickly soon. Related Reading: How Low Can Dogecoin Go Before Rallying Again? Expert Forecast As of this writing, the Bitcoin price stands around $91,270, reflecting a 4% increase in the past 24 hours. According to CoinGecko, the flagship cryptocurrency is up by more than 19% in the past week. Featured image from iStock, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":567409,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,679,78790,83531],"class_list":["post-653394","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-price","tag-btcusdt","tag-cryptoquant"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Could Soon Break $100,000, Blockchain Firm Explains How<\/title>\n<meta name=\"description\" content=\"The Bitcoin price continued its red-hot form over the past week, printing successive all-time highs in less than five days.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. \u201cLooking\u201d is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi\u2019s favorite part - in fact, far from it. Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. \u201cThis emphasizes the intricacies of blockchain technology and the cryptocurrency market,\u201d he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. 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While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. \u201cLooking\u201d is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi\u2019s favorite part - in fact, far from it. Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. \u201cThis emphasizes the intricacies of blockchain technology and the cryptocurrency market,\u201d he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. 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