- BTC might eye $84K next, according to CryptoQuant data.
- There was more headroom for BTC growth amid renewed whale bets.
On the 29th of October, Bitcoin [BTC] tapped $73K and extended its market dominance to a new high of 60%. The extra rally made it closer to a fresh all-time high (ATH) as analysts projected more growth potential.
Is $84K the next target?
According to CryptoQuant’s head of research, Julio Moreno, the next target would be $84K if March’s ATH of $73.7K was cleared. He said,
“Bitcoin is near a fresh ATH. Under a valuation perspective, $84K would be the next target (the “upper” band.”
Source: CryptoQuant
For the unfamiliar, the trader on-chain realized price band is a valuation metric based on historical BTC price data.
It uses realized price (the average cost basis for BTC short-term traders) as a reference point, with upper and lower bands as resistance and support levels.
Since the current price action was above the realized price, the next and immediate target was the upper band (resistance) at $84K, provided BTC prices stayed above $60K.
Well, the $84K target isn’t far-fetched, given that BTC options traders eyed $80K by the end of November, regardless of next week’s US elections outcome.
That said, the current market structure also showed more headroom for growth, as noted by Mathew Siggel, VanEck’s head of digital assets research.
Siggel said that despite BTC nearing fresh ATH, the market was not as overheated as seen during March/April.
“Past BTC peaks have coincided with surging perp premiums, hardly the environment today. Also, current spot volumes are half of March/April, indicative of substantially less panic buying from retail participants – a welcome observation for continued strength.”
Source: K33 Research
In short, the market was more stable and healthier, unlike the massive euphoria seen in March when BTC hit a new ATH.
But there was a slight caveat in the short term. There were considerable sell walls (yellow lines at $73.2K and $73.8K) on the Binance spot, right at the March ATH, which could become a roadblock for a few hours or days.
Source: Coinglass
Read Bitcoin [BTC] Price Prediction 2024-2025
Nonetheless, whales remained adamant and showed high positive conviction. In fact, the run-up to $73K seemed to be driven largely by large players as they added more exposure in the past five days.
This was illustrated by the rising Whale to Retail Delta indicator, suggesting that large players were more bullish on BTC than retail at current levels.
Source: Hyblock
