Crypto NewsAnalysisWill Bitcoin Continue Its Rise? What's the Next Target for BTC? CryptoQuant...

Will Bitcoin Continue Its Rise? What's the Next Target for BTC? CryptoQuant Analyst Explained!

CryptoQuant analyst said the next target price for Bitcoin could be $68,000.

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While the leading cryptocurrency Bitcoin exceeded $ 57,000 after a long time, new high levels for BTC began to be discussed.

At this point, while $ 60,000 levels are targeted for BTC, new predictions continue to come from analysts.

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Another prediction comes from CryptoQuant analyst Mac_D, who said that the next target price for BTC could be $68,000.

Stating that Bitcoin broke the average purchase price of long-term investors of 2-3 years, the analyst argued that the only price that can act as forward resistance for BTC may be $ 68,000, the highest level of the last cycle.

“Bitcoin has broken through resistance, which is the average purchase price for investors holding the 2-3 year long term, and bullishness looks likely for BTC.

Realized Price – UTXO Age Bands indicator shows the average purchase price by BTC holding period group.

According to this indicator, the level of $48,900, which is the average purchase price of long-term investors who invested in the last bull rally, is seen to be broken.

In short, investors who began holding assets from the last cycle's bull rally saw the 2-3 year investor average purchase price of $48,900 act as strong resistance.

However, in the last rise, this level was broken and the BTC price rose significantly, exceeding $ 55,000.

However, the only price that could act as resistance going forward for Bitcoin would be the recent cycle high of $68,000.

“Going forward, US institutional investors will continue to increase buying pressure through spot BTC ETFs, and even if a crash occurs due to unexpected macro and crypto market events, it seems very likely that the Bitcoin price will recover like a spring.”

Bitcoin continues to trade at $57,015 at the time of writing.

*This is not investment advice.



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