In-Depth Bitcoin (BTC) Analysis for New All-Time Highs in 2024
Analyzing Bitcoin's Price Movement
Bitcoin (BTC) analysis reveals that the cryptocurrency is currently aiming for higher values after recently breaking the $63,000 mark. With the market showing signs of improvement, there are growing speculations that BTC may reach a new all-time high (ATH) before 2024 concludes. But will the cryptocurrency fulfill these investor aspirations? This analysis delves into that possibility.
Bitcoin Remains Undervalued
Bearing in mind Bitcoin's prior performance, the currency surprised the market with an all-time high of $73,750 prior to the halving. However, it has faced challenges, currently sitting 14% below that peak and even dipping below $50,000 at one point. Yet, with Bitcoin regaining value and surpassing $63,000 again, there are indications that this uptrend could continue.
- Realized Cap Analysis: The Realized Cap approximates the aggregate cost of acquiring each Bitcoin in circulation. If the market cap lags behind the Realized Cap, it signifies an overvaluation of BTC.
- Bitcoin's market cap presently stands at $1.25 billion, while the Realized Cap is at $624.24 billion.
- This discrepancy suggests that BTC is undervalued, hinting at the potential for a price surge.
A consistent undervaluation aligns with speculation of setting a new all-time high before the close of 2024. Analyst Michaël van de Poppe has even posited that this milestone may occur sooner.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.