{"id":130927,"date":"2020-12-11T07:20:30","date_gmt":"2020-12-11T04:20:30","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/insanely-bullish-glassnode-cto-predicts-btc-price-will-10x-from-here\/"},"modified":"2020-12-11T07:20:30","modified_gmt":"2020-12-11T04:20:30","slug":"insanely-bullish-glassnode-cto-predicts-btc-price-will-10x-from-here","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/insanely-bullish-glassnode-cto-predicts-btc-price-will-10x-from-here\/","title":{"rendered":"# \u2018Insanely bullish\u2019: Glassnode CTO predicts BTC price will 10X from here"},"content":{"rendered":"<p>&#8220;<strong># \u2018Insanely bullish\u2019: Glassnode CTO predicts BTC price will 10X from here <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>The CTO of crypto market data aggregator Glassnode, Rafael Schultze-Kraft, has described a slew of Bitcoin market indicators as \u201cinsanely bullish\u201d and predicted prices are set to increase by more than 10 times.<\/p>\n<p>On Dec. 9, Schulze-Kraft tweeted a thread providing the basis for his ultra-optimistic prediction, presenting six \u201cof the most important on-chain market indicators that are currently hovering at the same levels they were at the start of 2017.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/ Where are we in the <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> market cycle?<\/p>\n<p>A look at some of the most important on-chain market indicators.<\/p>\n<p>TLDR: Insanely bullish, most metrics are far from the top. If things develop anything like 2017, we could see more than 10x <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> from here.<\/p>\n<p>A THREAD  <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/t.co\/d1jU0h5fxA\">pic.twitter.com\/d1jU0h5fxA<\/a><\/p>\n<p>\u2014 Rafael Schultze-Kraft (@n3ocortex) <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/n3ocortex\/status\/1336366033255473152?ref_src=twsrc%5Etfw\">December 8, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Each of Schulze-Kraft\u2019s predictions (or estimates) see Bitcoin breaking into six-figures, with all but one suggesting that BTC will exceed $200,000<\/p>\n<p>For each of the indicators, Schultze-Kraft measured the gains produced when the metric moved from a similar position in 2017 until it posted an all-time high later that year. He then multiplied Bitcoin\u2019s current price by the same percentage increase.<\/p>\n<p>Schultze-Kraft noted that Bitcoin\u2019s <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;m=indicators.NetUnrealizedProfitLoss&amp;mAvg=7\">Net Unrealized Profit\/Loss<\/a>, or NUPL \u2014 \u201cthe difference between unrealized gains and losses based on when coins last moved on chain\u201d \u2014 has climbed back up to 78% of its 2017 ATH. <\/p>\n<p>Bitcoin\u2019s price gained 1,400% to its peak, as NUPL ascended from a similar level to where it is today, in early 2017. If the same scenario played out, Kraft estimates that Bitcoin\u2019s price could reach $286,000 this cycle.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/8885d676-a3fd-450f-9a56-f9d7a9506169.png\"><figcaption style=\"text-align: center;\">Bitcoin\u2019s Net Unrealized Profit\/Loss: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/n3ocortex\/status\/1336366045121179649\/photo\/1\">Glassnode<\/a><\/figcaption><\/figure>\n<p>BTC\u2019s <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;m=mining.MarketcapThermocapRatio&amp;mAvg=7\">Market Cap to Thermocap ratio<\/a> \u2014 which assesses Bitcoin\u2019s price premium relative to miner expenditure \u2014 is currently sitting at just one-quarter of its 2017 high. In 2017, Bitcoin\u2019s price gained 625% as the metric rose to its all-time highs, suggesting BTC could tag $138,000 in future.<\/p>\n<p>Bitcoin\u2019s <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;m=market.MvrvZScore&amp;mAvg=7\">MVRV Z-Score<\/a> \u2014 which seeks to identify when Bitcoin is \u201cover\/undervalued relative to its &#8220;fair value\u2019\u201d \u2014 currently sits at 34% of its 2017 top, the ascent to which accompanied a 1,150% price gain. Should BTC rally with the same strength as in 2017, Kraft-Schulze estimates Bitcoin will be worth $240,000 each. <\/p>\n<p>Kraft-Shulze identified that metrics looking at longer-term hodler behavior suggested even higher price targets.<\/p>\n<p>Long-Term Holder <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;m=market.MvrvMore155&amp;mAvg=7\">MVRV<\/a>, which is the average profit or loss of all BTC currently circulating, and Long-Term Holder <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;m=indicators.SoprMore155&amp;mAvg=7\">SOPR<\/a> \u2014 which is Bitcoin\u2019s overall profit and loss according to when each coin last moved on-chain \u2014 are each sitting at just 13% of their record highs. With the price of Bitcoin having gained 1,340% and 1,620% alongside these metrics in 2017, Kraft-Schulze predicts crypto could tag $274,000 or $328,000 in future.<\/p>\n<p><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;m=indicators.ReserveRisk&amp;mAvg=7\">Reverse risk <\/a>\u2014 which is used to \u201cassess the confidence of long-term holders relative to [Bitcoin\u2019s] price\u201d \u2014 also suggests coming price highs of $240,000, with the metric currently at only 11% of its former high.<\/p>\n<p>However, Kraft-Schulze urged his followers to \u201ctake these numbers with a grain of salt.\u201d <\/p>\n<blockquote><p>\u201cWhat this aims to show: These<a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hashtag_click\"> #B<\/a>T<a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hashtag_click\">C<\/a> cycle indicators are still far away from their values that indicated a $BTC top in 2017.\u201d<\/p><\/blockquote>\n<p>Glassnode\u2019s Dec. 8 weekly on-chain data <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/insights.glassnode.com\/the-week-on-chain-week-49-2020\/\">report<\/a> found that Bitcoin is likely to retrace before rallying into new all-time highs as investors look to realize profits made during the run-up to the recent retest of $20,000, stating:<\/p>\n<blockquote><p>\u201cSideways or downwards price movement can be expected as they realize these profits.\u201d<\/p><\/blockquote>\n<p>Despite warning of bearish pressure from short-term profit-takers, the report concludes that Bitcoin\u2019s long-term outlook is bullish.<\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/insanely-bullish-glassnode-cto-predicts-btc-price-will-10x-from-here\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# \u2018Insanely bullish\u2019: Glassnode CTO predicts BTC price will 10X from here &#8221; The CTO of crypto market data aggregator Glassnode, Rafael Schultze-Kraft, has described a slew of Bitcoin market indicators as \u201cinsanely bullish\u201d and predicted prices are set to increase by more than 10 times. On Dec. 9, Schulze-Kraft tweeted a thread providing the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":130928,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/ba90fe78-0418-4806-b704-72fc0ea88efa.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74863],"class_list":["post-130927","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-cryptocurrencies"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/130927","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=130927"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/130927\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/130928"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=130927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=130927"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=130927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}