‘Insanely bullish’: Glassnode CTO predicts BTC price will 10X from here
Glassnode’s Rafael Shultze-Kraft has shared several on-chain metrics that he believes suggest Bitcoin will comfortably charge into six-figure price-thresholds in future. The CTO of crypto market data aggregator Glassnode, Rafael Schultze-Kraft, has described a slew of Bitcoin market indicators as “insanely bullish” and predicted prices are set to increase by more than 10 times.On Dec. 9, Schulze-Kraft tweeted a thread providing the basis for his ultra-optimistic prediction, presenting six “of the most important on-chain market indicators that are currently hovering at the same levels they....
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Despite on-chain metrics indicating Bitcoin investors will soon face losses, Glassnode believes BTC is ready to bounce. A Jan. 25 report published by crypto data aggregator Glassnode has noted that Bitcoin’s adjusted Spent Output Profit Ratio, or aSOPR, suggests that a further decrease in prices will leave many investors in the red according to when their holdings last moved on-chain.Despite the metric suggesting few investors are sitting on paper-profits, Glassnode interprets the data as bullish, stating:“In order for SOPR to go lower, investors would have to be willing to sell at a loss,....
Bitcoin has an extreme potential to hold $47,000 as its support level, according to Rafael Schultze-Kraft, the co-founder/CTO of blockchain analytics platform Glassnode.
In the past few days, some leading cryptocurrencies, such as Bitcoin and Ethereum, have shown a bullish price trend. Some link the reversal in value to the US President and the Fed’s recent outplay of events. However, Glassnode has a contrary opinion. The blockchain analytics firm believes that the fundamental change in price value is […]
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