Bitcoin (BTC) price increase on the horizon? This critical metric suggests that

TL; DR

After a correction below $94,500, BTC rose to around $99,000, with some indicators pointing to further pressure to the north.
Some analysts see future targets for BTC ranging from $101,000 to $275,000, supported by breakout technical patterns and market sentiment.

brand new BTC Rally earnings?

The major cryptocurrency became the talk of the town earlier in the month when its price finally broke through the psychological level of $100,000. On December 5, it reached a new all-time high of over $103,500, which triggered. Huge Enthusiasm in the crypto community. In the following days BTC bounced around $100K with improved volatility.

Earlier this week, however, it staged a sharp correction that took the price below $94,500. However, over the past several hours, BTC has gained some ground and is currently trading at approximately $98,700 (according to CoinGecko data).

one Important The indicator suggests that the leader may be a digital asset calm down A more significant resurrection for a short period of time. This That's what it says. According to CryptoQuant data, the supply of BTC stored on exchanges He came down It finally reached its peak in the summer of 2018.

The development shows a possible shift from centralized platforms to private wallets, which can be seen as a radical factor. Because it immediately reduces sales pressure.

Bitcoin's Network Value to Metcalfe (NVM) ratio is also worth mentioning. The measure provides insights into the relationship between an asset's market capitalization and its adoption or use. Read below 2 It can usually refer to BTC Have a low priceIt indicates a potential price increase. Currently NVM is it. the host Approximately 1.5.

How high can BTC fly?

Many analysts have interpreted the recent market slowdown as a buying opportunity. For example, Ali Martinez He predicted That BTC will do Jump to $275,000, he advises investors to “buy the dip” without overextending. The forecast is based on the “cup and handle” created on the asset price chart.

Buy the dip and don't overdo it! #Bitcoin $BTC hits $275,000 based on this cup and handle! pic.twitter.com/cqf99cBtmB

— Ali (@ali_charts) December 10, 2024

Captain Fybic enters despite a slightly grim prediction. User of X It is mentioned BTC recovery, the price may test the $101,000 resistance level soon.

“Once critical resistance It will be cleaned., next to The target may be 110 thousand dollars.