On-Chain Thesis Predicts BTC Is Destined To Attain $100K by 2024

• Crypto Quant shared a report that means BTC may attain $100k by 2024.
• The report acknowledged that BTC’s halving could possibly be the catalyst that pushes BTC’s worth up.
• BTC is at present altering arms at $30,061.48 after a 6.24% worth enhance.

To this point, the beginning of 2023 has been form to BTC because the crypto is up by about 69% year-to-date. Earlier this week, CryptoQuant shared a thesis about what the worth of the crypto market chief, Bitcoin (BTC), may do throughout the subsequent 12 months. The principle thought behind the thesis is that BTC may attain $100,000 by 2024.

On this thesis, it was identified that throughout the accumulation cycle of 2019, “the charges to reward ratio spiked earlier than the summer time aid rally rising to 0.12.” The identical factor occurred once more in 2020, the place the fees-to-reward ratio reached 0.29 in November. Now it appears that evidently the charges to reward ratio is as soon as once more spiking, in accordance with the report.

The author additionally referred to the truth that BTC is coming nearer to reaching a $46,092 worth degree which he predicted again in 2019, and that the main crypto may attain this worth as quickly as “the summer time of 2023”. Along with this, the author positioned emphasis on the truth that Bitcoin’s halving occasion is developing. Some imagine that the halving may occur as quickly as April of 2024.

The thesis was concluded by the author stating that if BTC is ready to attain the expected $46,092 worth degree, it is not going to be a far stretch for the crypto market chief to achieve $100,000 after the 2024 halving.

BTC skilled a reasonably thrilling previous 24 hours because the crypto trades at $30,061.48 at press time. That is after BTC’s worth elevated 6.24% over the past 24 hours in accordance with CoinMarketCap. BTC can also be nonetheless up by greater than 7% over the past seven days.

One other metric within the inexperienced zone is BTC’s 24-hour buying and selling quantity which now stands at $23,788,863,100 after a rise of greater than 90% since yesterday.

Disclaimer: The views and opinions, in addition to all the data shared on this worth evaluation, are revealed in good religion. Readers should do their very own analysis and due diligence. Any motion taken by the reader is strictly at their very own threat. Coin Version and its associates is not going to be held responsible for any direct or oblique harm or loss.