Analysts Evaluated Whether Bitcoin Price Will Run to 70,000 Dollars!

As Bitcoin investors again set their sights on over $70,000, some on-chain data shows that things might not be easy. In its post on March 21, on-chain analysis platform CryptoQuant examined the obstacles to Bitcoin’s path to 70,000 dollars. First, it was noted that the market is still in an “overheated” phase, with many profitable investors creating selling pressure. The market is overheated. Basic measurements indicate that the Market Cycle Indicator is in an overheated bull phase, and the high unrealized profit margins of investors may signal that the market could continue its downward trend. Additionally, it was emphasized that Bitcoin investors have made unprecedented levels of profit taking since May 2019, attributed to more than 90% of investors being in profit. The sale of Bitcoin by large whales and miners had initially brought the price down to 60,900 dollars. According to CryptoQuant, the continuation of these sales could be […]

Analysts Evaluated Whether Bitcoin Price Will Run to 70,000 Dollars!

As Bitcoin investors again set their sights on over $70,000, some on-chain data shows that things might not be easy.

In its post on March 21, on-chain analysis platform CryptoQuant examined the obstacles to Bitcoin’s path to 70,000 dollars. First, it was noted that the market is still in an “overheated” phase, with many profitable investors creating selling pressure.

The market is overheated. Basic measurements indicate that the Market Cycle Indicator is in an overheated bull phase, and the high unrealized profit margins of investors may signal that the market could continue its downward trend.

Additionally, it was emphasized that Bitcoin investors have made unprecedented levels of profit taking since May 2019, attributed to more than 90% of investors being in profit.

The sale of Bitcoin by large whales and miners had initially brought the price down to 60,900 dollars. According to CryptoQuant, the continuation of these sales could be one of the biggest obstacles to Bitcoin returning to 70,000 dollars.

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