Bitcoin

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<ul>
 <li>According to a CryptoQuant report, Bitcoin could surpass $50,000 at the beginning of 2024, starting from its current price of $43,000.</li>
 <li>CryptoQuant analysts stated that they might focus on a target range of $50,000 to $53,000 based on the valuation perspective of Bitcoin’s network activity.</li>
 <li>The report highlighted that Bitcoin’s profitability status is currently over 88%, and in a period where a significant portion of the circulating supply is profitable, selling pressure could increase.</li>
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<p><strong>According to a new report published by CryptoQuant, the Bitcoin price could rise to $50,000 at the beginning of 2024. Here are the details of the report!</strong></p>
<h2 id="strong-how-will-bitcoin-perform-in-2024-strong"><strong>How Will Bitcoin Perform in 2024?</strong></h2>
<p><img loading="lazy" decoding="async" class="alignnone size-full wp-image-126532" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-35.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="Bitcoin-BTC" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-35.webp?w=1280&amp;quality=70&amp;ssl=1 1280w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-35.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-35.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-35.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-35.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-35.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-35.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p>
<p>The CryptoQuant report predicted that Bitcoin could surpass $50,000 at the beginning of 2024, starting from its current price of $43,000. The forecast was made using the Metcalfe price valuation band criterion, considering factors such as user activity, market cap, transaction volume, and user activity to analyze Bitcoin’s network.</p>
<p>The report suggested that the target price range for Bitcoin could be between $50,000 and $53,000 at the beginning of the next year. CryptoQuant analysts stated that they might focus on a target range of $50,000 to $53,000 based on the valuation perspective of Bitcoin’s network activity.</p>
<p>According to the latest data from CryptoQuant, Bitcoin’s supply profitability status is currently over 88%. The report referred to a current bull market but indicated an approaching ‘overheated bull phase,’ historically coinciding with price rallies stalling or corrections.</p>
<p>CryptoQuant analysts pointed out that Bitcoin’s profitability status is currently over 88%, and in a period where a significant portion of the circulating supply is profitable, selling pressure could increase. The report emphasized the need to be cautious due to the possibility of potential short-term corrections, noting that high profitability levels of the circulating supply often coincide with local market peaks.</p>
<h2 id="strong-warning-of-a-short-term-correction-strong"><strong>Warning of a Short-Term Correction</strong></h2>
<p>The report stated, ‘Given that currently 86% of the circulating supply is profitable, and funding rates are notably high, caution should be exercised due to the possibility of a short-term correction.’ According to CryptoQuant’s updated data, Bitcoin’s profitability within the circulating supply has now surpassed 88%. The report added that such high profitability levels historically coincide with ‘local peaks.’</p>
<p>Bitcoin fell by over 2% on Thursday and was trading at $43,250 at the time of writing. The total cryptocurrency market value dropped nearly 1% today and is currently valued at $1.64 trillion.</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com/bitcoin-price-could-rise-to-50000-at-the-beginning-of-2024-on-chain-firms-report/">Bitcoin Price Could Rise to $50,000 at the Beginning of 2024: On-Chain Firm’s Report!</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p>
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Bitcoin Price Could Rise to $50,000 at the Beginning of 2024: On-Chain Firm’s Report!

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