Can Bitcoin Reach $150,000? Analyst Dives In

Pseudonymous on-chain analyst and CryptoQuant author “OnChain Edge” has predicted that Bitcoin (BTC) would hit $150,000. According to OnChain Edge, he used two different methods to check the possibility and both of them gave the same result.

$BTC has two Paths. Both Lead to $150k

“I spent over 100 hours diving through on-chain data to find out. Here’s what I found…” – By @onchain_edge

Full post 👇https://t.co/MZZS2f0iQD pic.twitter.com/UZBXneAtIt

— CryptoQuant.com (@cryptoquant_com) February 15, 2024

BTC to Plunge Before the Rally

In both scenarios, the analyst considered the Net Unrealized Profit/Loss (NUPL). Values over zero of the NUPL suggest that most holders are in profit and there could be a motive to drive sell pressure.

On the other hand, when the NUPL is less than zero, it implies that most participants are at a loss, indicating low sell pressure. OnChain Edge’s first scenario was that the supply in loss would increase to 16% within the next six months. If this happens, Bitcoin’s price might fall to $23,000.

After this projected decrease, he noted that BTC would recover and the price might rally to $150,000. In his second hypothesis, the analyst noted that the supply in loss might drop to 3% within the same period before Bitcoin jumps to the aforementioned price.

However, OnChain Edge mentioned in his post that the second scenario seemed more likely than the first. From a technical point of view, BTC might not nosedive as low as $23,000 this cycle.

The Coin Is at Crossroads

Heightened buying pressure pushed Bitcoin closer to $53,000 on February 15. But upon careful examination of the 4-hour chart, bears were trying to tug back the price. If Bitcoin fails to hold on to the $49,850 support, it could undergo a corrective phase. In this instance, the price might fall as low as $47,246.

If bulls can defend BTC at $51,868, then a short-term consolidation could be next. For the long term, the Exponential Moving Average (EMA) indicated a bullish path for the coin. At press time, the 50 EMA (blue) had crossed over the 200 EMA (yellow), reinforcing the mid-term bullish trajectory.

If BTC breaks below $49,023, the price might fall further. But as long as Bitcoin’s value closes above $45,107, a clear path to a new high remains possible. In a highly bearish position, BTC might move between $46,000 and $49,000.

However, if buying pressure increases, Bitcoin should be able to close in on $60,000. For the $150,000 prediction, macroeconomic factors and the halving theory might come into play. After the halving, Bitcoin’s supply would reduce. If demand for the coin increases exponentially afterward, then BTC might inch toward a six-figure value.

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