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Bitcoin Likely to Hit New All-Time Highs in the Near Future, Key Metrics Say: CryptoQuant

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Mon, 08/02/2021 - 14:23
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Yuri Molchan
According to a recent analytics report, Bitcoin may well reach new all-time highs in the near future
Bitcoin Likely to Hit New All-Time Highs in the Near Future, Key Metrics Say: CryptoQuant
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CryptoQuant analytics vendor has shared a recent report from an analyst, who assumes that the flagship cryptocurrency may soon rise to hit new historic peaks, according to several key metrics.

"Bitcoin is severely undervalued"

CryptoQuant analyst DivXMaN believes that Bitcoin, at the moment, is very much undervalued. Besides, several key metrics indicate a possible rise to new peaks in the future.

The NVT ratio remains at historic lows. Bitcoin exchange balances have gone down to levels seen in 2020 and early 2021—after those, according to the analyst, major BTC price increases were noticed.

Besides, he writes that the largest crypto has surpassed every moving average and is consolidating above them now.

Related
Bitcoin Drops 7.67% After Seeing Largest Rise Since May: Possible Reasons

Number of active entities returns to early 2021 levels

The chart provided by the Glassnode analytics firm shows that the amount of active Bitcoin entities has recovered after a recent drop and is now at the high levels last seen in January.

Over the weekend, U.Today reported that crypto whales (unique entities that hold a minimum of 1,000 BTC, as per the Glassnode classification) had recovered the Bitcoin they lost during the recent dump, and the Bitcoin illiquid supply went up to a new all-time high.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.