CryptoQuant Predicts Bitcoin Price to Hit $47,000 in the Near Future

In the crypto world, investors and traders are always on the lookout for information and forecasts that can help them make profitable decisions.Recently, a Report CryptoQuant has attracted the attention of many in the crypto community with its forecasts of Bitcoin price targets and historical trends.

Prices are reportedly expected to reach $47,000 in the coming months. The forecast is based on historical trends, the May 2019 bull run. The report suggests that we could be headed towards a similar bull run, which means that there is a good chance that Bitcoin will peak between $42,000 and $50,000.

bitcoin

Source: CryptoQuant

While it is difficult to predict when Bitcoin will peak, the report sees unrealized gains and losses as a possible indicator. In July 2019, the 0.54 ratio proved to be a significant resistance and traders are likely to take profits at these NUPL levels.

bitcoin

Source: CryptoQuant

The report also acknowledges that while history doesn’t repeat itself, it often rhymes. However, it emphasizes that the current Bitcoin bull run is the first wave of the next bull run on a long-term time frame.

Many investors and traders in the crypto community are likely to pay attention to the report’s findings and predictions. The forecast of a possible near-term rally to $47,000 has important implications for anyone holding or considering an investment.

As with any investment, it’s important to remember that there are always risks. While the CryptoQuant report offers some information and predictions, nothing is guaranteed in the crypto world. Ultimately, every individual investor must carefully weigh the potential risks and benefits before making any investment decision.

CryptoQuant’s report has generated a lot of interest in the crypto community with its predictions on Bitcoin price targets and historical trends. While forecasts can provide some valuable information for investors and traders, it is important to be cautious and keep in mind the inherent risks of investing in cryptocurrencies. .

Bitcoin is currently a ‘boring old man’ compared to ETH

Michael Safai, managing partner at financial services firm Dexterity Capital, said bitcoin, the largest cryptocurrency by market cap, is too stable and boring. But it’s a good thing.

“Bitcoin is becoming the boring old man right now,” Safai said Friday, referring to why bitcoin’s recovery in these uncertain economic times can be attributed to a simple story. Simpler and more familiar.

He noted that ETH, the second-largest cryptocurrency by market capitalization, certainly has a lot to be excited about in the cryptocurrency market.

On Wednesday, ethereum launched its Shanghai upgrade, also known as Shapella. The blockchain upgrade raises the question of whether there will be a major sell-off. Instead, ETH prices edged up above $2,000 two days after a long-awaited upgrade that beat bitcoin in options trading for the first time this year.

While the upgrade allows users to withdraw their staked ETH (as well as lower fees and expand the blockchain space for more transactions), Safai noted that “a lot is happening” with ETH, including allegations from U.S. government officials that it is a security, should be regulated.

Bitcoin, on the other hand, is weathering the “mess of all the investigations,” he said. For now at least, the SEC seems happy to treat Bitcoin as a commodity, unlike its stance on ETH.

With the Ethereum upgrade, “the rules of the game have just changed.” This may also be why users are excited about the market.

“We’re seeing more activity in options and I expect that to continue.”

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According to Kyptos


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