Glassnode’s chief technical officer, Rafael Schultze-Kraft, has suggested that Bitcoin indicators show that Bitcoin’s price is at a point “insane bullish”Trend.
In a Twitter thread, Schulze-Kraft offered his prediction based on market indicators and data analysis of past historical trends. In the thread, the Bitcoin bull stated that he thinks the cryptocurrency will skyrocket to 10 X its current price.
Where are we in the #Bitcoin market cycle?
A look at some of the most important 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.
TAIR 👇 pic.twitter.com/d1jU0h5fxA
– Rafael Schultze-Kraft (@ n3ocortex) December 8, 2020
Prediction: Bitcoin to break $ 200,000 USD
Schulze-Kraft’s predictions based on market intelligence calculate that the leading cryptocurrency will break through levels of resistance to six-figure bag territory. Almost all of its bullish predictions suggest that Bitcoin will hit $ 200,000 USD. He based his predictions on various metrics, such as Bitcoin’s unrealized net profit / loss (NUPL) that has soared since its highest-ever bull rally in 2017. This metric measures the difference between unrealized gains or losses since moving tickets last on the chain. .
Based on the history of the previous bull rallies, Schulze-Kraft believes Bitcoin’s highest record could reach $ 286,000 USD this cycle. Previously, bull rally cycles came eighteen months after the halving event (most recently held in May). With the struggling economy, a fresh wave of investors, and new institutional attention to the market, the bullish predictions for Bitcoin’s price may be far from fulfilling.
Other Schulze-Kraft metrics used to analyze Bitcoin’s potential price trajectory include long-term holder market volume realization volume (MVRV), long-term holder’s disposable output profit ratio (SOPR), Thermo Cap Ratio, and Reserve Risk. All data, available and collated by his company, has been taken as live data and drives his expectations for the ticket.
