Bitcoin hits a new all-time high. Is the cryptocurrency now heading for $ 100,000?
The time has come: the Bitcoin all-time high of $ 63,800 set on April 14th of this year has been cracked. According to data from Coingecko at 3:40 p.m. German time.
This means that all investors who have ever invested in Bitcoin are in the profitable range for the first time since April. After digital gold started its last rally in the spring of this year, Bitcoin traded in correction mode for around two months. Meanwhile, the crypto reserve currency found its bottom at around 30,000 US dollars – things have been going up since then. The course of the crypto currency No. 1 has more than doubled within the last three months alone.
Many market observers see the new all-time high as a kind of dam break for further invasions from investors. Eventually, some saw the bull market bottomed out at the correction floor at $ 30,000; but the fact that Bitcoin gives the bears the lie is not a one-off phenomenon.
On-chain indicators: up from here
In any case, on-chain indicators speak bullish language. The MVRV z-score is undoubtedly in bull territory. The MVRV is an indicator that measures the ratio of the market value to the realized value on the market (MV = Market Value, RV = Realized Value). As Charles Edwards, founder of Argo Capital, points out via Twitter, an MVRV value> 3 has always been followed by a veritable price pump. This is exactly what market watchers like Edwards expect in the coming months.
A look at past cycles can also help as a roadmap for the second half of the bull market. Scaled to cycle one, Bitcoin would top out at around $ 800,000. If the price of the cryptocurrency follows cycle two, a top between 200,000 and 300,000 US dollars would be conceivable.
In terms of stock-to-flow, too, digital gold cuts a fine figure again. Bitcoin has stalked its way back into the dark blue area due to the rapid rate growth recently and thus also saves the reputation of its author PlanB. According to the model, BTC should currently have already reached over USD 100,000; Currently, the cryptocurrency is still trading at a little more than half of that.
For the sake of completeness: PlanB sees Bitcoin’s cycle top at around $ 288.00.
Disclaimer: The price estimates presented on this page do not constitute buy or sell recommendations. They are only an assessment of the analyst.