🌍🌍🌍Can Bitcoin Hit $150,000?
The analyst noted that the decrease in the supply of losses could push the price to $150,000. Bitcoin could undergo a correction if the bulls fail to defend the $49,850 level. A clear path to $60,000 could emerge if the 50 EMA crosses above the 200 EMA.
Anonymous on-chain analyst and CryptoQuant author “OnChain Edge” has predicted that Bitcoin (BTC) will hit $150,000. According to OnChain Edge, he used two different methods to test the possibility and both methods yielded the same result.
In both cases, the analyst looked at Net Unrealized Profit/Loss (NUPL). NUPL values above 0 indicate that most holders are profitable and may have an incentive to push selling pressure. On the other hand, when NUPL is below 0, it implies that most participants are losing money, indicating low selling pressure. OnChain Edge’s first scenario is that the supply at a loss will increase to 16% over the next six months. If this happens, the price of Bitcoin could drop to $23,000.
After this expected drop, he noted that BTC will recover and the price could rise to $150,000. In his second hypothesis, the analyst noted that the supply at a loss could decrease to 3% over the same period before Bitcoin surges to the aforementioned price.
However, OnChain Edge mentioned in his post that the second scenario seems more likely than the first. From a technical standpoint, BTC may not drop as low as $23,000 this cycle.
