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<p>The post <a href="https://coinpedia.org/news/cryptoquant-predicts-btc-price-to-hit-53k-in-coming-month-is-this-the-right-time-to-buy-bitcoin/">Bitcoin to $120k? Halving and Potential ETF Spark Wild Predictions</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>It seems like <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin</a> has finally taken a breather at the key resistance resting at the $45k mark. As we eagerly watch its next move, the big question is whether Bitcoin will take a step back or make a push towards the sought-after $50,000 mark.</p> 
<p>Analysts from CryptoQuant, a well-regarded market analysis firm, foresee an optimistic trajectory for Bitcoin’s value in early 2024. Let’s dive into their insights!</p> 
<h2 class="wp-block-heading" id="h-hopes-run-high">Hopes Run High!</h2> 
<p>The experts at CryptoQuant, a trusted market analysis firm, bring some good news for Bitcoin enthusiasts. They’ve crunched the numbers and predict a potential rise to somewhere between $50,000 and $53,000 in the early months of 2024. The report dives into positive signs seen through the realized price metric, indicating a promising future for market growth.</p> 
<h2 class="wp-block-heading" id="h-what-s-next-for-bitcoin-looking-at-the-metrics">What’s Next for Bitcoin: Looking at the Metrics </h2> 
<p>According to CryptoQuant analysts, looking at metrics like market capitalization, user activity, transaction volume, and the Metcalfe price valuation band gives us a positive forecast. The report introduces a tool called the “Bitcoin bull-bear market cycle indicator,” suggesting we’re in a full bull market but also giving a heads up about a potential “overheated bull phase” that has historically led to pauses or corrections in price rallies.</p> 
<p>However, amid the positive vibes, the report throws in a cautionary note. Currently, 86% of the circulating Bitcoin supply is considered profitable, which might signal market tops or short-term declines. High funding rates also add to worries about a potential market correction.</p> 
<p><strong>Key Factors</strong></p> 
<p>Despite the caution, overall feelings in the market are optimistic, driven by excitement about two major events. Firstly, the upcoming Bitcoin halving and secondly, the possible approval of a <a href="https://coinpedia.org/news/analyst-warns-a-market-fallout-post-etf-approval-predicts-whats-next-for-bitcoin-price/">spot Bitcoin exchange-traded fund (ETF)</a> by the <a href="https://coinpedia.org/news/xrp-lawyer-john-deaton-raises-concerns-over-secs-approach-to-spot-bitcoin-etf-approval/">U.S. Securities and Exchange Commission (SEC)</a>. If approved, this would be a historic move as the first ETF directly tracking Bitcoin.</p> 
<p>Also Read: <a href="https://coinpedia.org/news/breaking-news-sec-in-deep-technical-talks-with-spot-bitcoin-issuers/">Bitcoin ETF Blowout? SEC Talks Heat Up with Major Asset Managers</a></p> 
<h2 class="wp-block-heading" id="h-will-history-repeat-itself">Will History Repeat Itself?</h2> 
<p>Adding to the excitement, analysts at <a href="https://coinpedia.org/price-analysis/bitcoin-price-to-hit-100k-in-2024-predicts-standard-chartered-decoding-the-possibilities/">Standard Chartered</a>, a major UK bank, offer an even more positive projection. They see Bitcoin’s value potentially skyrocketing to an impressive $120,000 by the end of the upcoming year. The reason behind this bold prediction is the increased profitability for Bitcoin miners. As they earn more for each Bitcoin mined, a decrease in available supply could potentially push Bitcoin’s price higher.</p> 
<p>Drawing parallels with past events where BTC saw substantial surges, the big question arises: Can Bitcoin pull off a similar feat? At present, Bitcoin is valued at $43,697, and the crypto community is eagerly watching to see if it will create another noteworthy chapter in its price history.</p> 
<p>This Might Interest You: <a href="https://coinpedia.org/news/binance-ceo-challenges-dimons-anti-crypto-stance-in-senate-hearing/">Bitcoin Should Be Closed Down? Binance CEO Slams Dimon’s Anti-Crypto Stance</a></p>

Bitcoin to $120k? Halving and Potential ETF Spark Wild Predictions

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