Bitcoin – Moving to $166K or $300K?
Short-term top going to be $166K or $300K?
Not that I never thought we’d see these numbers but it is pretty cool seeing this as I remember getting excited when Bitcoin was breaking $300, $500, etc. and here we are not far from seeing $100K BTC
Investors’ on-chain activity hints at Bitcoin price cycle top above $166,000
“While an NVT premium of 1.3 may see a short-term drop in the price by 30% or more, the multiple also shows that it would be at least another 54% price increase from yesterday’s closing price to reach a potential short-term cycle top.
However, this assumes that history will repeat again and that similar NVT premiums as in prior bull markets would be reached again. Neither is guaranteed, of course. Nevertheless, if this phenomenon were to repeat, the risk-to-reward ratio certainly favors the upside.
What’s more, a $166,000 price tag may actually be a fairly conservative prediction, according to Woo. As Cointelegraph previously reported, the analyst explained that BTC price could also reach as high as $300,000 by December 2021, based on other metrics.”