Cryptoquant discovered that the price of Bitcoin may currently be estimated.
In a recent report, it already displays data from a scale indicating that real interest at this moment may be less than its common perception.
However, at the same time, there are also other standards that indicate the exact opposite.
Excessive price in bitcoin value
the Cryptoquant report It depends on the analysis of the so -called Bitcoin network activity index, which measures the level of activities on the series in BTC.
Currently, this indicator is at the lowest level in the past 12 months, with a decrease of 15 % compared to the rise at all in November 2024.
The current value is about 3,760 points, and it turned out to be the lowest level since February 2024.
Using Metcalfe’s evaluation ranges, the fair value of Bitcoin will be in extensive limits between $ 48,000 and 95,000 dollars, according to data from the network activity.
In fact, Cryptoquant writes:
“At the current price of $ 99,000, Bitcoin appears to be exaggerated given that it has been circulated between the red and blue Metcalfe assessment teams since February 2024.”
Therefore, the current price level should be considered an homosexual within the direction that was continuing for a year related to the activity on the chain. However, the excessive value will be minimal if the maximum level of the Metcalfe evaluation is taken, which is currently appointed for $ 95,000, as a reference.
Reasons for the collapse of activity on the chain
Cryptoquant selects the main cause of the sharp decrease in the activity on the chain.
Well, such a reason will not be connected to the BTC, so it is also possible that the price of BTC is not exaggerated, but rather the effect of the activity on the series in which it has been exaggerated in recent months due to the activity that is not connected to BTC.
In fact, the last sharp decrease in the number of daily transactions registered on average on Blockchain Bitcoin is due to the collapse of the use of a colonial protocol.
Compared to the highest level ever in September 2024, in one day up to 734,000 transactions on Bitcoin Blockchain, the current level is about half, with a minimum peak of just more than 300,000 transactions registered a few days ago.
The technology RUTES protocol is used on the symbols on the Bitcoin network, but it is really illogical using Layer-1 from Bitcoin Blockchain, which is slow and costly, to create symbols. It is not a coincidence that Solana recorded a breakthrough from this point of view, given that the costs in Solana have decreased very much.
Ronals use OP back in Bitcoin transactions, although this protocol first appeared in the daily issue of OP to 802,000, and since then it decreased to 10,000.
This level of activity on the series is very low also appears in Mempool Bitcoin, which is now almost empty. In December 2024, there were up to 287,000 transactions suspended in Mimpol Bitcoin, while now collapsed to 3000. This has not been empty Mimpol since March 2022.
Impact on Bitcoin price (BTC)
If the entire Bitcoin activity is taken into consideration, including transactions created by a code protocol, the collapse is clear.
Moreover, the use of this data to calculate the Metcalfe domains, from February 2024 to date, shows that the fair value of the BTC price today should range between 48,000 and 95,000 dollars.
But if the activity is seen on the series only related to BTC transactions, the account will be different, because the activity on the series in recent months may turn to be “amplifier” through code transactions.
Below is how the current price of $ 98,000 also falls within the Metcalfe domains affiliated with data from the past 12 months, if the code transactions are not taken into account.
Finally, there are also other standards that support the hypothesis that Bitcoin price may not be appreciated.
demand
It should not be forgotten that the price of any origin is traded in the free market depends not only on the supply but also on demand.
Cryptoquant find out The demand for BTC from the so -called permanent pregnant woman is actually accelerating, and this should be considered a strong confidence sign, which often precedes bull pools.
In other words, the demand for bitcoin has increased from the long -term accumulated in recent weeks, and this may indicate a possible price growth in the coming months, although the activity on the series is very limited.
Moreover, the sale pressure has decreased in recent weeks, and because it was already low previously, this means that the conditions for a possible height may actually exist.
Note that a permanent pregnant woman is a BTC headlong headlines over time but without making transactions issued, that is, with a long -term contract strategy that does not actually create pressure.
At a moment when the sale pressure is already low on its own, this contributes more to creating conditions for a possible high prices.
