Analysis by CryptoQuant: Bitcoin Faces Short-term Pullback Risk, Expected to Reach $160,000 by 2024
Bitcoin Shows Strong Performance in 2023, with an Increase of Over 180% Year-to-Date. Supported by a series of positive factors such as halving and the approval of a spot ETF, CryptoQuant predicts that BTC faces short-term correction risks but could potentially surge to $160,000 in the next cycle.
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BTC Targets $160,000
Caution for Short-Term Correction in BTC
BTC Targets $160,000
Crypto analysis firm CryptoQuant, in a report shared with CoinDesk, indicates that the positive factors for Bitcoin will drive mid-term targets of $50,000. These positive factors include:
Market valuation cycle
Recovery of on-chain activities
Block reward halving
Macro-economic outlook
Approval of Bitcoin spot ETF
Continued growth of stablecoin liquidity
CryptoQuant suggests that the mid-term target could be $54,000, with a cycle high of $160,000.
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Caution for Short-Term Correction in BTC
CryptoQuant also warns in the report that due to the presence of unrealized profits among short-term investors, there is still a risk of price correction in the short term.
Analysts say:
Given that short-term Bitcoin holders are experiencing higher unrealized returns, historically, this situation often occurs before a price correction, indicating that there is some risk of price adjustment for Bitcoin.
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