Bitcoin’s [BTC] price “might touch $42,000 this year,” well only if…

Bitcoin's [BTC] price 'might touch $42,000 this year,' well only if...

On-chain analysis revealed that BTC has the potential to rally to $42,000 before the year runs out.Currently trading at its September 2022 level, CryptoQuant analystAccording to Oinonen_t, an assessment of two on-chain indicators, namely BTC’s exchangeIs your portfolio green? Check out theThe analyst noted that BTC’s ESR has surpassed a technical inflection point and is diverging from the spot price, which is a positive sign.

Additionally, BTC’s exchange reserves have been in a long-term downtrend, reflecting entities holding their assets off-exchange, which the analyst referred to as a “healthy development” for the market. These factors, along with the approaching 2024 halving event, indicate that BTC is moving toward a new pre-halving accumulation cycle, Oinonen_t concluded.Also sharing a similar belief in a continued rally in BTC’s price, another CryptoQuant analyst operating under the pseudonymassessed BTC’s Supply in Profit metric and found that the current market has passed the Bottom Discovery phase and entered the Transition phase, which often precedes a potential for a bull market.

He found further that BTC’s Adjusted Spent Output Profit Ratio on a 400-day moving average has reached the previous cycle’s low, suggesting that further declines are unlikely. “Compared to the time of entry into the 2019 bull market, it seems a bull transition is in the process of passing through the bottom. However, in the case of the 2015-2016 Bottom, Supply in Profit went down after entering the Transition phase, and the Bottom period became longer. Since aSOPR 400MA reached the previous cycle’s low, further declines are unlikely.

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