The CTO of crypto market data aggregator Glassnode, Rafael SchultzeKraft, has described a slew of Bitcoin market indicators as insanely bullish and predicted prices are set to increase by more than 10 times.
On Dec. 9, SchulzeKraft tweeted a thread providing the basis for his ultraoptimistic prediction, presenting six of the most important onchain market indicators that are currently hovering at the same levels they were at the start of 2017.
Each of SchulzeKrafts predictions or estimates see Bitcoin breaking into sixfigures, with all but one suggesting that BTC will exceed 200,000
For each of the indicators, SchultzeKraft measured the gains produced when the metric moved from a similar position in 2017 until it posted an alltime high later that year. He then multiplied Bitcoins current price by the same percentage increase.
SchultzeKraft noted that Bitcoins Net Unrealized ProfitLoss, or NUPL the difference between unrealized gains and losses based on when coins last moved on chain has climbed back up to 78 of its 2017 ATH.
Bitcoins price gained 1,400 to its peak, as NUPL ascended from a similar level to where it is today, in early 2017. If the same scenario played out, Kraft estimates that Bitcoins price could reach 286,000 this cycle.
BTCs Market Cap to Thermocap ratio which assesses Bitcoins price premium relative to miner expenditure is currently sitting at just onequarter of its 2017 high. In 2017, Bitcoins price gained 625 as the metric rose to its…