With bitcoin (BTC) having just spent several days up as much as $93,400, analysts at market analytics platform CryptoQuant say that the cryptocurrency is still not overbought and looks like it will soon be turning its guns on the $100,000 region.
A weekly report states that the Trader On-chain realized max band is projecting that BTC will smash through $100,000 in upcoming weeks as demand expands and stablecoin liquidity rises by millions daily. In March, when BTC broke above $70,000 for the first time, that hit this maximum band.
Bitcoin $100K: BTC Set to Smash Milestone Soon
Market Value to Realized Value (MVRV) ratio is one of the metrics which indicates BTC is neither overvalued or undervalued. And even after bitcoin’s 30% surge in the wake of Donald Trump’s win of the United States presidency, this indicator is still positioned below its overvalued threshold.
Surge in Demand Growth Backing CryptoQuant Prediction That BTC Smash $100,000 Next Bitcoin DAA Right now, Bitcoin Apparent demand is rising–which signals new buyers for the asset are invading.
While BTC demand from U.S. investors only returned in early November after the presidential election, apparent demand has been net positive since early October. We can see this in the Coinbase bitcoin price premium, which flipped positive following Trumps win.
Miners Are Beginning to Sell
With evident need in favour of the latter, demand sides are broadening for the trade dollars and they are getting additional outlined type of morefgfehr ceMrs xtenge. Similarly, CryptoQuant has reiterated its perspective that a sustained BTC rally cannot occur without a gradual improvement in liquidity – the current condition of the market.
Over the past two months, Tether’s (USDT) market cap rose by $5 billion, with over $3.2 billion of those tokens rushing into crypto exchanges after the U.S. presidential election on November 5. CryptoQuant analysts say this is the largest daily net flow of USDT into exchanges since November 2021.
While rising stablecoin liquidity increases the possibility of higher crypto prices, analysts note that the market could witness minor selling pressure as large miners look to realize some profits. So far, miners with a balance of 100 to 1,000 BTC have reduced their holdings by at least 2,000 BTC, so the amount of assets sold is still small; however, CryptoQuant says it is crucial to keep monitoring these market participants as supply could spike soon.
