CryptoQuant crypto analytics platform has recently revealed its forecast according to which Bitcoin may climb to a new all-time high of $84,510. This target that Crypto Quant’s head of research, Julio Moreno has set is $1,564.64, which is 16.64% higher than the current price of Bitcoin, which is roughly $72,449.
In the analysis, Moreno focuses on the on-chain metrics of Bitcoin and the Trader’s Realized Price Bands, suggesting that the next valuation point is at the upper band of $84,510. Market participants are watching whether it can get to this projected ATH or even go beyond it during these levels.
The prices have fluctuated around Bitcoin’s all-time high recently; the asset tried to surge through its previous ATH of $73,737 this week but failed, settling under $73,000. Nevertheless, due to rising stability and the positive outlook of institutional and private investors, CryptoQuant’s target has attracted much interest.
In order to achieve this goal the asset will make a new high which will be 14.61% higher than the previous high made in March 2024.
Market Dominance Hits 60.14% for First Time Since 2021
Furthermore, a recent surge in Bitcoin has also contributed to raising the currency’s market share to 60%, last seen in March 2021.This goes back to a consolidation of capital back into the leading cryptocurrency. According to data from TradingView Bitcoin’s dominance stood at 60.14% earlier this week before somewhat reducing.
Trading at a market capitalization of slightly above $1.43 trillion, Bitcoin remains the most popular digital currency as well as a possible safe-haven asset. Furthermore, according to Matthew Sigel, the Head of Digital Asset Research at VanEck, the leading crypto may get a boost in the future since he expects the price of BTC to rise to $3 million by 2050.
In Sigel’s view, bitcoin is a future global reserve currency with a 2% share of the central banks worldwide. This forecast envisions the potential of the asset in the field of international trade and effects on the financial systems.
Sigel stated that the adoption of Bitcoin would be widespread within the next two decades and it would be stable in the following ten years. His view implies that if the current growth rate persists, Bitcoin may experience a steady appreciation as an asset within conventional finance institutions.
MicroStrategy Aims to Raise $42 Billion to Expand Bitcoin Holdings
Furthermore, MicroStrategy, the company that holds the biggest bitcoin treasury in the list of publicly traded firms, declared its intentions to raise $42 billion to increase the company’s bitcoin holdings.
This goal is under the company’s “21/21” plan, which aims to raise capital through sale of equities as well as fixed income products, with each targeted at $21 billion. Co-founder and Chairman Michael Saylor has stated that the company is seeking to become a Bitcoin focused financial services company as per the company’s strategy.
The strategy is part of a wider effort to buy more Bitcoin, which MicroStrategy has already purchased with more than $4 billion. The company’s move and the BTC strategy have boosted the company’s stock to an all-time high of $235.89.
