The new report published by CryptoQuant stated that BTC could reach 50 thousand dollars at the beginning of the year, but it faces a correction beforehand.
These days, when the cryptocurrency market is progressing with bullish expectations, predictions about the upcoming processes are starting to come. In particular, it has become a matter of curiosity what kind of price structure Bitcoin (BTC) will create in the following months. Turning the Bitcoin spot ETF expectation into an opportunity, BTC rose to $44,500 in a short time. Following this rise, all eyes turned to the scenarios that would emerge in the future.
CryptoQuant has published a new report. In this report, the price level and processes that can be reached for BTC at the beginning of 2024 were mentioned.
CryptoQuant: BTC price may correct
CryptoQuant’s new report mentioned important scenarios for the course of Bitcoin (BTC). According to the report, BTC price may reach 50 thousand dollars in early 2024.
Pointing to 50 thousand dollars for the BTC price in the report, CryptoQuant pointed out that a possible correction may come. According to the report, 90 percent of the BTC circulating supply is profitable. For this reason, profit sales may occur in the future. Especially as Bitcoin spot ETF expectations are slowly entering the final plateau, it may turn into a sales phase at the conclusion. Investors may sell quickly when decisions on ETFs are announced.
Despite all these processes, CryptoQuant states that BTC will continue its bull run and reach 50 thousand dollars. The report projects this forecast in the short term.
Sharing their views on the subject, CryptoQuant analysts said, “Bitcoin may be targeting $50,000 to $53,000 based on the network activity valuation perspective.”
Finally, the report warned crypto investors to be careful. “Given that 90 percent of the circulating supply is currently in profit and funding rates have risen significantly, caution is advised due to the possibility of a short-term correction,” the report said. It was said.
