{"id":18666,"date":"2024-11-18T10:59:29","date_gmt":"2024-11-18T08:59:29","guid":{"rendered":"https:\/\/forklog.com\/en\/cryptoquant-ceo-raises-bitcoin-forecast-to-135000\/"},"modified":"2024-11-18T10:59:29","modified_gmt":"2024-11-18T08:59:29","slug":"cryptoquant-ceo-raises-bitcoin-forecast-to-135000","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/cryptoquant-ceo-raises-bitcoin-forecast-to-135000\/","title":{"rendered":"CryptoQuant CEO Raises Bitcoin Forecast to $135,000"},"content":{"rendered":"

Based on the cumulative capital inflow into the bitcoin market, the target price for the digital asset in the current cycle is set at $135,000. This conclusion was reached<\/a> by Ki Young Ju, founder and CEO of CryptoQuant.<\/p>\n

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Source: X.<\/figcaption><\/figure>\n

Thus, the expert adjusted his February forecast for the first cryptocurrency’s price based on realized capitalization. A month earlier, spot bitcoin ETFs began trading<\/a>.<\/p>\n

The head of CryptoQuant suggested that inflows into these products would drive a bull market, potentially pushing the price to $112,000 by year-end.<\/p>\n

According to SoSoValue<\/a>, the cumulative net inflow into exchange-traded funds as of November 15 approached $27.5 billion.<\/p>\n

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\u201cWe are in a bull market. Bitcoin will continue to rise,\u201d the analyst emphasized.<\/p>\n<\/blockquote>\n

However, he cautioned that this does not preclude corrections, as \u201cthe perpetual futures market is excessively leveraged.\u201d<\/p>\n

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\u201cStay long-term optimistic, but be cautious with leverage if you are a trader,\u201d concluded Ki Young Ju.<\/p>\n<\/blockquote>\n

At the time of writing, the leading cryptocurrency is trading around $91,400 (CoinGecko<\/a>).<\/p>\n

$90,000 \u2014 An Entry or Exit Point for Investors?<\/h2>\n

CryptoQuant analyst known as Percival noted that not all long-term bitcoin holders (at least 155 days) \u201care counting on a six-figure price.\u201d Some have started taking profits after the price reached $90,000.<\/p>\n

However, this does not pressure the digital gold’s price, as the realized coins are absorbed by ETF inflows, Percival highlighted.<\/p>\n

In his assessment, sales mainly come from investors who acquired the cryptocurrency less than a year ago. Their average \u201cpaper profit\u201d is about 150%, and $90,000 seems like a \u201cgood exit point.\u201d<\/p>\n

Meanwhile, most of those who invested in bitcoin earlier continue to hold the asset, expecting returns of more than tenfold, Percival noted.<\/p>\n

According to CryptoQuant analyst Burak Kesmeci, on November 15, the NVT Golden Cross indicator signaled a \u201clocal bottom.\u201d A metric value below 1.6 points indicates an excessively cooled market zone.<\/p>\n

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NVT Golden Cross metric triggered a “local bottom” alert<\/p>\n

\u201cWhen the NVT GC drops below -1.6 points, it suggests that the price is cooling off excessively, signaling a potential local bottom area.\u201d \u2013 By @burak_kesmeci<\/a> <\/p>\n

Read more ?https:\/\/t.co\/pwXMT7ug7a<\/a> pic.twitter.com\/dVN7mH5YBE<\/a><\/p>\n

\u2014 CryptoQuant.com (@cryptoquant_com) November 16, 2024<\/a><\/p><\/blockquote>\n