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Bitcoin (BTC) surpassed the $ 61,500 level on Saturday March 13th, hitting its new all-time high with a massive rush of buyers. It’s been a phenomenal journey for Bitcoin (BTC) of under $ 4.5,000 exactly a year ago during the market crash in Covid.
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While Bitcoin (BTC) is entering pricing with this recent surge, some indicators are showing that the price has not yet peaked and therefore there is room for further expansion. Glassnode Co-Founder and CTO Rafael Schultze-Kraft said BTC’s net unrealized result remains stable despite its rising price, which is a healthy indicator.
He adds that this “indicates that market capitalization is not rising excessively quickly as profit-taking and new capital inflows.” Interestingly enough, even with this new Bitcoin all-time high, we have not yet reached the greed / euphoria zone.
A #bitcoin price increase with a stable NUPL is healthy.
Indicates that market capitalization is not rising excessively quickly as profit taking and new capital inflows.
Not the top, we haven’t even crossed .75 into the greed / euphoria zone
– Rafael Schultze-Kraft (@ n3ocortex) March 13, 2021
More on-chain data from Santiment shows that the latest BTC price rally is taking place amid the steadily declining stock market supply. On the flip side, the dormant bitcoin tokens are on the move as the whales post profits while young retail investors continue to buy.
???????? # Bitcoin history was rewritten when $ 60,000 was breached at 11:22 UTC! Several key factors support $ BTC’s ability to continue to reach these new heights, such as: B. the low ratio of supply on the stock exchanges and the amount of dormant money in circulation. https://t.co/ORlwHr5DlD pic.twitter.com/z99FdC2FHs
– Santiment (@santimentfeed) March 13, 2021
Well, if that’s still not enough to convince you to hold onto your bitcoins, here are some more basic indicators that are in very healthy territory right now, further adding to the scope of a major rally ahead.
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Spring is discharging and the basics are looking good.
Tactical indicators like funding rate, SOPR and ASOL are all in a very healthy area and give #Bitcoin a lot of energy for this next stage. pic.twitter.com/l2qlYIGTOQ
– Jan & Yann (@Negentropic_), March 13, 2021
Next Bitcoin (BTC) price target of $ 100,000
With this landmark and unstoppable BTC price rally in 2021, everyone is excited to see where Bitcoin is going from here. PlanB, author of the popular stock-to-flow (S2F) model, said BTC price could hit $ 100,000 between April and September this year.
Another validation is the options-based on-chain data from Skew Analytics. The graph below shows that the chance that Bitcoin will hit $ 100,000 by December 2021 is 20%. On the other hand, the gray line shows that the probability that this milestone will be reached by September 2021 is around 18%.
Courtesy: Skew
In the short term, Bitcoin evangelist Max Keizer states that the price may reach $ 77,000 very soon. However, his BTC price prediction remains at $ 220,000 through the end of 2021.
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