June 24, 2021

Why Selling Bitcoin at $61k Might be Mistake?

3 min read

bitcoin

Bitcoin(BTC)smashed previous$ 61,500 levels on Saturday, March 13 hitting its new all-time high with enormous buyers’inrush. It’s been an incredible journey for Bitcoin (BTC) from under $4.5 K exactly a year back throughout the Covid market crash.

As Bitcoin (BTC) gets in price discovery with this newest surge, some indicators reveal that the rate hasn’t yet peaked out and hence there’s scope for additional growth. Glassnode co-founder and CTO – – Rafael Schultze-Kraft – that BTC’s net latent profit/loss remains steady regardless of the increasing rate, which is a healthy indication.

He adds that this “Indicates that the marketplace cap is not rising at an excessively quicker rate than revenue taking and brand-new capital inflows”. Remarkably, even at this brand-new Bitcoin all-time high, we have not yet reached the greed/euphoria zone.

Another on-chain data from Santiment shows that the most recent BTC rate rally comes in the middle of its exchange supply continually on the decline. On the other hand, the Bitcoin inactive tokens are on the move as the whales are scheduling profits while young retail investors are continually buying.

Well, if this is still inadequate to encourage you about holding your Bitcoins, here are a few more fundamental signs that are currently in a really healthy area thus more producing the scope of a major rally ahead.

Next Bitcoin(BTC )Price Target to $100K

With this path-breaking and unstoppable BTC price rally in 2021, everybody’s excited about where’s Bitcoin heading from here onwards. PlanB, author of the popular Stock-to-Flow (S2F) model has said that the BTC rate can touch $100K levels in the period between April-September this year.

Validating it further is the on-chain options-based data from Skew Analytics. The below chart shows that the probability of Bitcoin touching $100K levels by December 2021 is 20%. On the other hand, the gray line reveals that there’s around an 18% likelihood that it might hit this milestone earlier by September 2021.

Courtesy: Skew In the short term, Bitcoin evangelist Max Keiser mentions that the price can touch $77K very soon. Nevertheless, his BTC cost forecast by the end of 2021 still stands firm at $220K.

The post Why Selling Bitcoin at $61k Might be Mistake? appeared initially on Coingape.