CandleFocus

Analysts foresee upside potential for Bitcoin beyond $100k despite some red flags

Analysts foresee upside potential for Bitcoin beyond $100k despite some red flags
Analysts are divided on the current market conditions for Bitcoin (BTC). Some indicators suggest potential for further price increases, including a low MVRV Z-Score, stable BTC market dominance, and moderate moving average multiplier. However, a recent report highlights cautionary metrics, such as the Realized Supply Density dropping below 10%, indicating heightened market volatility. The Percent of Supply in Profit (PSIP) is over 90%, categorized as "Very High Risk," which often precedes market corrections. The Net Unrealized Profit/Loss (NUPL) and Realized Profit and Loss Ratio (RPLR) indicate extreme market optimism and intense profit-taking activity. The redistribution of Bitcoin's supply poses risks due to a large proportion of supply now in profit. However, some indicators suggest easing of market pressures, such as a decline in daily Realized Profit and stabilization of perpetual futures funding rates.

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