Following Bitcoin’s recent rally, CryptoQuant’s head of research Julio Moreno projects that the world’s largest cryptocurrency is nearing a new all-time high (ATH).
The broader crypto market has been abuzz with Bitcoin’s recent performance, which has resulted in a 7-day growth of 8.6%. Yesterday, the asset attempted to break its all-time high record after surging to $73,562. However, it could not surpass its previous ATH of $73,737, as it plummeted below the $73,000 price level.
Bitcoin Nearing a ‘Fresh’ ATH
Currently priced at $72,449, Bitcoin is still within the range of registering a new ATH, with CryptoQuant’s Head of Research echoing this sentiment.
“Bitcoin is nearing a fresh ATH,” Moreno asserted.
In an analysis, Moreno shared a chart showing Bitcoin’s Trader on-chain Realized Price Bands. The data revealed different levels of Bitcoin’s price valuations, including a trader’s realized value of $60,364. According to Moreno, the upper band of $84,510 represents Bitcoin’s next target from a valuation perspective.
Bitcoin is near a fresh ATH.
Under a valuation perspective $84K would be the next target (the “upper” band). pic.twitter.com/mneSdOEozj— Julio Moreno (@jjcmoreno) October 29, 2024
https://x.com/thecryptobasic
Reaching the $84,510 target would mark Bitcoin’s new all-time high, which is 14.61% above the previous record set in March 2024. At press time, Bitcoin must rise by 16.64% from its current price to reach the upper band target of $84,510.
Bitcoin Dominance Exceeds 60%
While it remains unclear when Bitcoin might reach this target, BTC has been on an upward trajectory since the beginning of this week. Amid Bitcoin’s latest surge, the global crypto market cap surpassed $2.5 trillion.
Interestingly, Bitcoin’s market dominance exceeded 60% for the first time since March 2021. The premier asset’s dominance surged to 60.14% yesterday at around 21:00 (UTC), according to TradingView data.
Following Bitcoin’s slight retracement, its dominance also dropped to 59.96%. Additionally, Bitcoin’s market cap retraced to $1.43 trillion from its daily peak of $1.45 trillion.
At the moment, Ethereum (ETH), BNB (BNB), and Solana (SOL) dominate the crypto market by 13.46%, 3.68%, and 3.51%, respectively.
Meanwhile, several crypto stakeholders remain optimistic about Bitcoin’s prospects. Earlier this week, VanEck’s head of digital asset research, Matthew Sigel, projected that Bitcoin could reach a jaw-dropping target of $3 million in the next 26 years, specifically 2050.
By then, Sigel envisions BTC becoming a global reserve asset, with a 2% central bank allocation. He also projected that Bitcoin could be used in international trade.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2024/10/30/cryptoquant-sets-new-ath-target-for-bitcoin-predicts-imminent-surge-to-84k/?utm_source=rss&utm_medium=rss&utm_campaign=cryptoquant-sets-new-ath-target-for-bitcoin-predicts-imminent-surge-to-84k