🚨⚠️What suggests a Bitcoin ATH?⚠️🚨
Bitcoin displayed commendable performance in the last seven days as its price surged above $51k. According to CoinMarketCap, BTC was up by nearly 10% in the last seven days.
At the time of writing, it was trading at $51,781.49 with a market capitalization of more than $1 trillion.
The good news was that, as per IntoTheBlock’s prediction, the king of crypto might reach an all-time high within six months.
To be precise, the chances of BTC touching an ATH were 85%, as per the analytics platform’s prediction. To see whether that’s possible, AMBCrypto took a look at Bitcoin’s on-chain metrics.
Our analysis revealed that BTC’s Network Value to Transactions (NVT) ratio dipped last week. A drop in the metric means that an asset is undervalued, hinting at a price hike.
A few other metrics also looked pretty bullish for BTC. For instance, BTC’s funding rate was green. CryptoQuant’s data also revealed that Bitcoin’s taker buy/sell ratio was positive, indicating that buying sentiment was dominant in the market.
Apart from that, the king of cryptos is also expecting its next halving within a few months. Historically, BTC has always reached a new ATH a few months after its halvings. Therefore, considering these indicators, BTC reaching new highs seemed high.
