Rafael Shultze-Kraft, the CTO of crypto data market aggregator Glassnode, has predicted that <a href="https://www.cryptoknowmics.com/news/bitcoin-is-now-the-7th-largest-currency-in-the-world-currency-ranking/">Bitcoin will break into six-figures</a> based on market indicators. According to him, the price of the world’s largest cryptocurrency by market capitalization is set towards increasing by more than 10 times. Schulze-Kraft’s every prediction indicated that the cryptocurrency will likely see breaking into six figures. One indicator even suggested that the price of Bitcoin will likely exceed above $200,000.
<h2><strong>Bitcoin Will Break Into Six-Figures In Future: Glassnode CTO
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On Dec. 9 Schulze-Kraft took to his Twitter to <a href="https://twitter.com/n3ocortex/status/1336366033255473152" target="_blank" rel="nofollow noopener">post</a> a thread based on six important on-chain market indicators that are currently at the same level since the start of 2017.

To derive each indicator, Schultze-Kraft measured the gains produced from Bitcoin when the metric moved from a similar position in 2017 until it moved to its all-time high later that year. He then multiplied the current price of Bitcoin by the same percentage increase.

Schultze-Kraft in one of his Twitter threads noted that Bitcoin’s Net Unrealized Profit/Loss or NUPL has climbed back up to 78% of its 2017 All-Time High. NUL is the difference between unrealized gains and losses based on when cryptocurrencies were last moved on-chain.

The price of Bitcoin has also gained by 1,400% as NUPL increased from a similar level to where it is today, in early 2017. If this same cycle continues, the CTO predicted that the price of Bitcoin will likely reach $286,000.
<h2><strong>Bitcoin Could Be Worth $240,000
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Meanwhile, Bitcoin’s MVRV Z-Score currently stands at 34% from its 2017 high. If the Bitcoin rally continues in a similar pattern as 2017, Schultze-Kraft estimated that Bitcoin will be worth $240,000. Reverse Risk has also suggested that for the price high of $240,000, the metric is currently at only 11% of its former high.

MVRV Z-Score identifies when Bitcoin is over/undervalued relative to its fair value while Reverse risk indicators assess the confidence of long-term holders relative to Bitcoin’s price.

Glassnode’s CTO Believes Bitcoin Will Break Into Six-Figures In Future

Rafael Shultze-Kraft, the CTO of crypto data market aggregator Glassnode, has predicted that Bitcoin will break into six-figures based on market indicators.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Glassnode’s CTO Believes Bitcoin Will Break Into Six-Figures In Future

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