Bitcoin‘s market position is bullish as it hovers near $48,000, amidst widespread anticipation of potential growth to $100,000. Glassnode’s analysis marks the current Bitcoin market as “high risk,” emphasizing the volatile nature of cryptocurrency investments.
Grayscale attributes this potential ascent to Bitcoin’s unique market structure post-halving, suggesting a favorable outcome for investors.
Concurrently, global regulatory efforts, exemplified by Nigeria’s move to regulate cryptocurrencies to curb financial crimes, reflect the broader acceptance and scrutiny of digital currencies.
This environment fuels diverse Bitcoin price predictions, with the community oscillating between cautious optimism and strong bullish sentiment for its future valuation.
Glassnode’s on-chain indicators suggest Bitcoin might be entering a bull market, having surpassed the “mid-risk” threshold according to the long-term holder market value to realized value (MVRV) indicator.
This indicates significant profitability for long-term investors by measuring market overheating through the comparison of Bitcoin’s market value against its realized value, excluding short-term sentiment influences.
After the challenging recovery since the FTX collapse, this indicator has advanced to 2.06, entering the High RiskRead more on cryptonews.com