Bitcoin Investors Profit-Taking Predicted to Influence Market Price
As Bitcoin investors begin to take serious profits, experts predict a potential decline in the market price in the near future. However, there is persistent speculation that the price of Bitcoin could rebound to the $50,000 range early next year.
Market Analysis
According to a report by virtual currency magazine, The Block, research company CryptoQuant has concluded that the Bitcoin market is approaching overheating. With Bitcoin prices continuing to strengthen, over 86% of investors have seen valuation gains, raising the possibility of a sell-off to realize profits.
Short-Term Price Adjustment
CryptoQuant warns of a potential price adjustment due to increased selling in the short term, advising investors to be aware of the possibility of a decline for now. However, there is a forecast that the price of Bitcoin could rise up to $53,000 by the beginning of next year, supported by indicators such as changes in market capitalization, trading volume, and investor activity.
Historical Trends
The Block also supports this forecast, citing historical instances where the market enters a temporary overheated state and corrects during a Bitcoin bull market. Currently, the price of Bitcoin is trading at $43,477 on major exchanges.
Optimistic Forecasts
Despite the potential for a short-term decline, experts present optimistic forecasts for the price of Bitcoin next year. These factors are expected to have a positive impact on investment sentiment.
As investors navigate the complex and volatile cryptocurrency market, it is important to stay informed about potential price adjustments and long-term trends. The evolving nature of Bitcoin presents both challenges and opportunities for investors, requiring careful consideration and strategic decision-making.
Source: Reporter Kim Yong-won, The Business Post
[비즈니스포스트] As Bitcoin investors start trying to take serious profits early, it is predicted that this could lead to a decline in the market price for the time being.
However, there has been persistent speculation that the price of Bitcoin would rebound to the $50,000 range early next year.
▲ Bitcoin price is predicted to rebound early next year after experiencing an adjustment due to the influence of investors’ profit taking. Bitcoin graphic image.
According to The Block, a virtual currency magazine, on the 8th, the research company CryptoQuant published a report and concluded that the Bitcoin market is approaching overheating.
As Bitcoin prices have continued to strengthen recently, more than 86% of investors have seen valuation gains, raising the possibility of a sell-off pouring in to realize profits.
CryptoQuant said there could be a price adjustment period due to increased selling in the short term, and investors should be aware of the possibility of a decline for now.
However, given the market trends, there was also a forecast that the price of Bitcoin could rise up to $53,000 by the beginning of next year.
Indicators such as changes in Bitcoin market capitalization, trading volume, and investor activity support the possibility of an increase from a medium to long-term perspective.
The Block added support to this forecast, saying that historically, when a Bitcoin bull market continues, there are many instances where the market enters a temporary overheated state and corrects.
Currently, the price of Bitcoin is trading at $43,477 on major exchanges. It once rose to the $44,000 range and then dropped slightly.
The Block said, “A number of experts present optimistic forecasts for the price of Bitcoin next year,” and added, “These factors also have a positive impact on investment sentiment.” Reporter Kim Yong-won
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