‘Insanely bullish’: Glassnode CTO predicts BTC price will 10X from here

The CTO of crypto market data aggregator Glassnode, Rafael Schultze-Kraft, has described a slew of Bitcoin market indicators as “insanely bullish” and predicted prices are set to increase by more than 10 times.

On Dec. 9, Schulze-Kraft tweeted a thread providing the basis for his ultra-optimistic prediction, presenting six “of the most important on-chain market indicators that are currently hovering at the same levels they were at the start of 2017.”

Each of Schulze-Kraft’s predictions (or estimates) see Bitcoin breaking into six-figures, with all but one suggesting that BTC will exceed 0,000

For each of the indicators, Schultze-Kraft measured the gains produced when the metric moved from a similar position in 2017 until it posted an all-time high later that year. He then multiplied Bitcoin’s current price by the same percentage increase.

Schultze-Kraft noted that Bitcoin’s Net Unrealized Profit/Loss, or NUPL — “the difference between unrealized gains and losses based on when coins last moved on chain” — has climbed back up to 78% of its 2017 ATH.

Bitcoin’s price gained 1,400% to its peak, as NUPL ascended from a similar level to where it is today, in early 2017. If the same scenario played out, Kraft estimates that Bitcoin’s price could reach 6,000 this cycle.

BTC’s Market Cap to Thermocap ratio — which assesses Bitcoin’s price premium relative to miner expenditure — is currently sitting at just one-quarter of its 2017 high. In 2017, Bitcoin’s price gained 625% as the metric rose to its all-time highs, suggesting BTC could tag 8,000 in future.

Bitcoin’s MVRV Z-Score — which seeks to identify when Bitcoin is “over/undervalued relative to its “fair value’” — currently sits at 34% of its 2017 top, the ascent to which accompanied a 1,150% price gain. Should BTC rally with the same strength as in 2017, Kraft-Schulze estimates Bitcoin will be worth 0,000 each.

‘Insanely bullish’: Glassnode CTO predicts BTC price will 10X from here, CoinTelegraph, Dec 11