Can Bitcoin Reach $150,000? Analyst Dives In
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- The analyst noted that a decrease in the supply in loss could trigger a rise to $150,000.
- Bitcoin might undergo a corrective phase if bulls fail to defend $49,850
- A clear path to $60,000 might appear if the 50 EMA stays above the 200 EMA.
Pseudonymous on-chain analyst and CryptoQuant author “OnChain Edge” has predicted that Bitcoin (BTC) would hit $150,000. According to OnChain Edge, he used two different methods to check the possibility and both of them gave the same result.
$BTC has two Paths. Both Lead to $150k
— CryptoQuant.com (@cryptoquant_com) February 15, 2024
“I spent over 100 hours diving through on-chain data to find out. Here's what I found…” – By @onchain_edge
Full posthttps://t.co/MZZS2f0iQD pic.twitter.com/UZBXneAtIt
BTC to Plunge Before the Rally
In both scenarios, the analyst considered the Net Unrealized Profit/Loss (NUPL). Values over zero of the NUPL suggest that most holders are in profit and there could be a motive to drive sell pressure.
On the other hand, when the NUPL is less than zero, it implies that most participants are at a loss, indicating low sell pressure. OnChain Edge’s first scenario was that the sup…
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