- CryptoQuant’s Ki Young Ju highlights a resurgence in ‘apparent demand’ for Bitcoin, suggesting an optimistic market outlook.
- Analyst Michaël van de Poppe predicts Bitcoin could surpass its all-time high and approach US$90K by year-end.
- Bitcoindata21 forecasts Bitcoin could even reach US$250K by early 2025, based on monthly RSI and standard deviation analysis.
Amid the current price rally in crypto, it seems demand is back. Or, according to CryptoQuant’s Ki Young Ju: apparent demand.
Related: Swyftx Analysts Discuss Bitcoin’s Surge and Web3 Trends in Latest Podcast
In traditional markets, ‘apparent demand’ is the difference between production of goods and inventory in stock. In the context of Bitcoin, it’s about mining new Bitcoin and those coins inactive for more than twelve months.
The metric is relevant because according to the CryptoQuant CEO “if the decrease in inventory exceeds production, demand is increasing, and vice versa”.
And the return of apparent demand is bullish for the OG cryptocurrency.
Analysts: 90K Possibility Before End of 2024; 250k by 2025?
With increasing demand and increasing bullish sentiment it seems Q.4 is poised to become a good quarter for crypto holders. Analyst Michaël van de Poppe believes we could soon see BTC break its all-time high (ATH) of US$73,750 (AU$110,091) from March 2024 and breach the US90K (AU$134.3K) barrier.
In a recent technical analysis (TA), X user Bitcoindata21 mused that we could even see US$250k (AU$373k) by early 2025. They based this on the relative strength index (RSI), a wildly popular tool among TA traders.
As a momentum oscillator, the RSI assists traders in identifying signals regarding price momentum and timing market entries and exits. The RSI works quite well in trading ranges, but traders should be careful in trending markets.
When the RSI sits above 70, traders consider an asset overbought; below 30, it is considered oversold.
Related: Crypto ETFs See Record Trading, Total Bitcoin Held Exceeds $60 Billion
Bitcoindata21’s analysis applies standard deviation to monthly RSI readings, suggesting that the peak of the current Bitcoin bull market could reach around US$250,000 (AU$373,000).
This prediction is based on comparing historical monthly RSI highs, which have previously aligned with significant price spikes in BTC/USD.
As always, TA indicators are just that…indicators. It’s best to use them in conjunction with other TA tools and while considering the broader market context.
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