CryptoQuant: bitcoin will rise to $ 146,000

CryptoQuant analysts say that bitcoin metrics BTC $105,161.47 Bitcoin -1.52% Market capitalization $2.08 trillion VOL. 24 hours $3.68 billion indicate that the market will continue to grow, and the upper target for the cryptocurrency rate may be $ 146,000.

Experts note that the share of «new investors'» coins is now just over 50% of the total supply.

For comparison, during the market peaks in 2017 and 2021, this figure reached 90% and 80%, respectively.There has also been a change in the market structure: since October, retail investors have reduced their holdings by 41,000 BTC, while large investors (the so-called «whales») have increased their holdings by 130,000 BTC.

«In previous cycles, market growth ended when retail investors actively bought bitcoin. Today, such activity is not observed, which indicates the potential for further growth,» CryptoQuant notes.

It is noted that institutional and large players play a key role in the current accumulation phase.

According to CryptoQuant, from November 18 to 22, inflows to spot bitcoin ETFs reached a record $ 3.1 billion. This happened as the BTC rate approached $ 100,000.

The CryptoQuant market cycle indicator has remained in the bullish zone since early November. Unlike in March 2024, when bitcoin hit an all-time high of $ 74,000, the current metrics do not indicate that the market is overheating.

According to the analysis of the realized price, the upper benchmark for the bitcoin rate is $ 146,000.

«This mark was the top of the market during previous growth cycles. Currently, the P&L index has not yet reached overbought levels, which leaves room for further growth,» the analysts concluded.

It is expected that the growing role of institutional investors and increased interest in cryptocurrencies will continue to drive bitcoin’s growth, setting new records.

According to a report by Pantera Capital, bitcoin could reach $ 740,000 by April 2028 if the current growth rate continues. This forecast is based on an average annual growth rate of 88%.