Crypto bull market entering final stage: CryptoQuant
Digital asset prices may still see substantial gains before the market corrects, the analyst said.
Auto Added by WPeMatico
Digital asset prices may still see substantial gains before the market corrects, the analyst said.
The price of Bitcoin hit an all-time high of $108,000 on December 17, 2024, but has declined by more than 10% since that time.
Bitcoin’s daily volume remains 91% lower than the $743 million on Dec. 5, when BTC first surpassed the $100,000 milestone.
US-based spot Bitcoin ETFs now hold over 5.7% of the entire Bitcoin supply, with analysts seeing it as a price catalyst toward $200,000.
Steno predicts Bitcoin at $150,000 and Ether at $8,000, setting the stage for an altcoin season in 2025.
Bitcoin analysts predict a rally to $120,000 during the first month of 2025, with nearly $45 billion worth of stablecoin reserves awaiting deployment on Binance.
Market analysts, including Arthur Hayes, have warned of deep short-term price corrections before Bitcoin establishes a new all-time high.
Inflows into crypto exchange-traded funds are a key driver of price performance, the asset manager said.
Bitcoin remained resilient despite the options expiry, peaking above $97,330 one hour after the year’s last options expiry event.
Metrics like the number of confirmed payments can be used to gauge investor activity on the Bitcoin network.
