Key Points
- Bitcoin (BTC) might reach a new high of $84K, as per CryptoQuant data.
- Despite nearing an all-time high, the market is not as overheated as in March/April.
Bitcoin [BTC] experienced significant growth on the 29th of October, reaching $73K and extending its market dominance to a new high of 60%.
This rally brought Bitcoin closer to a fresh all-time high (ATH), with analysts projecting further growth potential.
Is $84K the next target?
Julio Moreno, head of research at CryptoQuant, suggests that if Bitcoin clears March’s ATH of $73.7K, the next target could be $84K.
This projection is based on the trader on-chain realized price band, a valuation metric that uses historical BTC price data.
The current price action is above the realized price, suggesting that the next target is the upper band (resistance) at $84K, provided BTC prices stay above $60K.
The $84K target is plausible, considering that BTC options traders are eyeing $80K by the end of November, regardless of the outcome of next week’s US elections.
More Room for Growth
According to Mathew Siggel, VanEck’s head of digital assets research, the current market structure indicates more room for growth.
Despite Bitcoin nearing a fresh ATH, Siggel believes the market is not as overheated as it was during March/April.
The market is currently more stable and healthier, unlike the massive euphoria seen in March when BTC hit a new ATH.
However, there are considerable sell walls at the March ATH on the Binance spot, which could become a roadblock for a few hours or days.
Whales remain confident and show high positive conviction. The rise to $73K seems to be driven largely by large players as they added more exposure in the past five days.
This is demonstrated by the rising Whale to Retail Delta indicator, suggesting that large players are more bullish on BTC than retail at current levels.