Bitcoin Could Explode to $136,000 if This Happens, Says Analytics Firm
In a recent prediction by analytics platform Glassnode, Bitcoin's (CRYPTO: BTC) value could potentially surge by roughly 15%, reaching a staggering $136,000, if current demand continues. However, there is a possible hitch to this prediction.
What Happened: Glassnode's short-term holder (STH) cost basis model indicates that Bitcoin's next significant resistance level is just shy of $140,000. This model, which calculates the average price at which short-term Bitcoin holders bought their coins, can be utilized to identify potential entry and exit points.
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Despite Glassnode's optimistic outlook for Bitcoin's value, the firm also cautions of a possible near-term peak as short-term holders sit on substantial unrealized profits.
'Short-term holders, being the more price-sensitive cohort, are now seeing their unrealized profit reaching marginally overheated levels, making the incentive for them to sell and take profit increasingly likely,' Glassnode noted.
Currently, 95% of Bitcoin's short-term holder supply is profitable, which is seven percentage points above the long-term mean of 88%. If this metric starts to stabilize or fall below the 88% level, it could indicate a weakening demand or distribution taking place.
At the time of writing, Bitcoin was trading at $118,257.Why It Matters: This prediction by Glassnode is significant as it provides a potential outlook for Bitcoin's value based on current demand and the behavior of short-term holders. The firm's STH cost basis model offers a valuable tool for investors to identify potential investment opportunities.
However, the warning of a possible near-term peak due to unrealized profits of short-term holders also serves as a cautionary note for investors.
The current profitability of Bitcoin's short-term holder supply, if it begins to stabilize or drop, could signal a shift in demand, impacting Bitcoin's value.
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This article Bitcoin Could Explode to $136,000 if This Happens, Says Analytics Firm originally appeared on Benzinga.com
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