CryptoQuant CEO Ki Yoon Joo has revised his forecast and now expects Bitcoin to hit $135,000 this cycle. By the end of 2024, the first cryptocurrency will be able to reach $112,000, the expert believes.

However, he warned of possible corrections as the futures market is "overleveraged":

“Remain long-term bullish, but be careful with leverage if you are a trader. […] We are in a bull market, Bitcoin will rise.”

CryptoQuant analysts note historically large inflows of liquidity into crypto markets (inflows of USDT and other stablecoins into exchanges) against the backdrop of Trump’s election victory.

CryptoQuant

CryptoQuant — это компания, специализирующаяся на анализе данных блокчейна для предоставления информации о настроениях участников рынка и идентификации трендов. Они используют уникальные индикаторы, такие как LTH-SOPR (Long-Term Holders Spent Output Profit Ratio) и STH-SOPR (Short-Term Holders Spent Output Profit Ratio), для оценки прибыли и убытков долгосрочных и краткосрочных держателей криптовалюты.

Main features and indicators of CryptoQuant:

1. LTH-SOPR (Long-Term Holders Spent Output Profit Ratio):
   • This indicator helps assess the profit or loss of long-term cryptocurrency holders when selling.
   • An LTH-SOPR value above 1 indicates profit, below 1 indicates loss.
   • On April 23, 2024, the LTH-SOPR value was 2.27, indicating profit-taking by long-term Bitcoin holders.
2. STH-SOPR (Short-Term Holders Spent Output Profit Ratio):
   • This indicator evaluates the behavior of short-term holders who have held coins from one hour to 155 days.
   • The STH-SOPR value at the time of writing was 1.01, which means that coins being sold by short-term holders are selling at the purchase price.
3. SOPR (Spent Output Profit Ratio):
   • Calculated by dividing LTH-SOPR by STH-SOPR.
   • A high SOPR ratio indicates that long-term holders are recording greater profits compared to short-term holders.

Examples of using indicators:

• In 2014, the SOPR ratio reached an all-time high of 60, which coincided with the rise of the Bitcoin price above $1,000.
• In March 2024, the SOPR ratio reached a new local maximum when the Bitcoin price was above $70 thousand, which preceded a possible price correction.

Thus, CryptoQuant provides valuable data to analyze the cryptocurrency market and help investors make informed decisions.