According to a recent report from CryptoQuant, Bitcoin (BTC) has the potential to reach $50,000 at the beginning of the year, but it is anticipated to undergo a correction before reaching this milestone.
In the current bullish landscape of the cryptocurrency market, predictions about future developments are becoming a focal point of interest. Bitcoin, which capitalized on the positive expectations surrounding the Bitcoin spot ETF, experienced a rapid surge to $44,500. Following this notable increase, attention has shifted to the potential scenarios that may unfold in the coming months.
CryptoQuant has released a new report shedding light on the anticipated price levels and processes that Bitcoin could undergo at the beginning of 2024.
CryptoQuant: BTC price could correct
In a recent report, CryptoQuant has outlined various scenarios for the trajectory of Bitcoin (BTC). The report suggests that the BTC price could potentially reach $50,000 by early 2024, but it also indicates the likelihood of a correction in the interim.
Highlighting a potential price of $50,900 for BTC, the report from CryptoQuant emphasizes the possibility of a correction in the near future. The report reveals that <>% of the circulating supply of BTC is currently in a profitable position, raising the likelihood of profit sales in the coming period. The anticipation is that as expectations for a Bitcoin spot ETF gradually reach their peak, it may trigger a selling phase in the final stages, with investors making quick sales upon the announcement of ETF decisions.
Despite these potential corrections, CryptoQuant remains optimistic about the overall trajectory, stating that BTC will continue its bullish run and eventually reach $50,000. This forecast is expected to materialize in the short term.
“Bitcoin could be targeting $50,000 to $53,000 from a network activity valuation perspective,” noted CryptoQuant analysts.
However, the report issued a cautionary note to crypto investors, advising careful consideration. It highlighted the fact that 90% of the circulating supply is currently in profit, coupled with a significant rise in funding rates, suggesting a need for caution due to the possibility of a short-term correction.
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