The post If THIS is true, Bitcoin’s new ATH will be in the next 6 months appeared on BitcoinEthereumNews.com.

BTC was up by more than 9% in the last seven days.  A few indicators looked bullish, but the rest suggested otherwise. Bitcoin [BTC] once again surprised investors as it crossed over the $51,000 mark after plummeting under $49,000 a few days ago. Though this already looked pretty optimistic, the best part might be in store for later, as new data suggested that BTC might pump further. Therefore, to see what might happen next, AMBCrypto checked BTC’s metrics.  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.  Source: X 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. Source: Glassnode 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.  Not everything is picture-perfect  Though…

---

Filed under: News - @ February 18, 2024 2:24 am