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

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.

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.

$BTC Breaks 2-3 Year Long Term Holder Resistance Price, Upside Likely

“BTC price has rallied significantly, rising to $55K, the only price that may act as resistance going forward is the last cycle high of $68K.” – By @MAC_D46035

Full post 👇https://t.co/a4Wdsqhwlj pic.twitter.com/VE0TX2lj2L

— CryptoQuant.com (@cryptoquant_com) February 27, 2024

*This is not investment advice.