Bitcoin Price Could Potentially Reach $110,000, According to Data - COINTURK NEWS
reklamı kapat

Bitcoin Price Could Potentially Reach $110,000, According to Data

7:58 pm (26 days ago)
November 10, 2023

An interesting on-chain data suggests that the price of <a href="”>Bitcoin could potentially be sold for at least $110,000 as the new bull cycle continues in the market. According to data from blockchain analytics platform Look Into Bitcoin, Bitcoin’s Terminal Price indicates a possible six-figure price peak.

Prediction of $130,000 for Bitcoin

As the price of Bitcoin trades at the highest levels in the last 18 months, market analysts are already discussing how high the price could go in the coming months. The target among analysts is $130,000 after the halving event that will occur in April 2024, and this possibility is projected as the deadline for the next cycle peak by the end of 2025.

Philip Swift, the creator of Terminal Price analysis at Look Into Bitcoin, explained that this data is one of the ways to predict long-term Bitcoin price peaks. Terminal Price data is calculated based on a value obtained by dividing the amount of token (CDD) handled and referred to as Transfer Value by the current supply.

Noteworthy BTC Data from a Renowned Analyst

Terminal Price data, created by Checkmate, the lead chain analyst at blockchain data firm Glassnode, is known to come into play at the top of every Bitcoin price cycle. The BTC/USD pair reached the trend line of the all-time high and the first peak of 2017 in April 2021. The current all-time high of $69,000 seen in November of that year was insufficient for this data.

Therefore, Swift suggests that selling close to the Terminal Price prediction would be a suitable investment strategy. Balanced Price, which is handled during bear markets and serves as the counterpart to Terminal Price, is also known as a data indicating market bottoms.

Swift also shared with his followers the claim that the Pi Cycle Top data provides noteworthy long-term high predictions. Pi uses two moving averages for its predictions and the intersections of these averages can forecast the next highest level, even if it is just a few days in advance.

You can follow our news on Telegram, Facebook, Twitter & CoinMarketCap
Related Posts