While Bitcoin is very close to its 2021 ATH of $69,000, the market is divided in two.
While some analysts expect a correction in BTC, some analysts think that $69,000 may be broken soon.
An assessment at this point came from CryptoQuant analyst Mac_D.
Pointing out that the rate of new investors in Bitcoin is rapidly increasing, the analyst said that this increase is similar to the beginning of the last bull rise, that is, October 2020 or October-November 2021 at its peak.
Stating that the increasing number of new short-term investors in Bitcoin means that we are likely to see significant price movements, the analyst stated that Bitcoin is likely to rise to $ 120,000 after a correction.
However, the analyst said that there could be a 20-30% correction in Bitcoin before $ 120,000.
“The percentage of 1-day to 1-week new investors increased by a whopping 10.62%.
This is similar to October 2020 at the beginning of the last cycle's bull rally or October-November 2021 at its peak.
Additionally, last week saw the Bitcoin price peak in 30 countries, indicating that more new investors are interested in Bitcoin and are likely to enter the market.
More importantly, the increasing proportion of short-term investors means that we are at a critical point where we are likely to see significant price movements.
Personally, I think we are in a similar position to the situation in October 2020 at the beginning of the bull rally.
As new capital inflows continue and prices rise, overheating will become the default for futures and on-chain data.
Of course, a 20-30% correction could occur at any time due to overheating, but Bitcoin's price is likely to rise to $120,000 after the correction.”
BTC New Investors at 10.62% in the Last Week, Suggesting a Possible Bullish Rally
“This increased proportion of short-term investors means that we are at a critical juncture where we are likely to see significant price movements.” – By @MAC_D46035
Link 👇… pic.twitter.com/XbbrxpQikX
— CryptoQuant.com (@cryptoquant_com) March 4, 2024
*This is not investment advice.
