By
Steve Muchoki
April 19th, 2024
According to the analysis, the ratio between Bitcoin market capitalization and thermocap suggests the asset could surge another 135% in the near future.
As institutional investors proliferate into the crypto industry, Bitcoin price prediction from different corners continues to fuel the ongoing bull rally. According to Glassnode CTO and co-founder Rafael Schultze-Kraft, Bitcoin could see a further surge of approximately 135% from the current levels of $48k to hit slightly above $100K.
Notably, Rafael used on-chain data to come up with his Bitcoin price prediction. Besides, he compared the current price levels with the 2017/2018 bull rally to further tuneup the prediction.
According to his analysis, the ratio between Bitcoin market capitalization and thermocap suggests the asset could surge another 135% in the near future. “Last bull market, $BTC was at ~$8,500 when Marketcap to Thermocap was at the current levels – and surged another 135% to the top in just a month. Things can go fast. Yea this time’s different, but just in case: 135% from here is ~$110k.#Bitcoin,” Rafael noted.
Notably, the ratio between Bitcoin market capitalization and Thermocap is used to assess if the underlying asset is a premium market price to the total miners’ expenditure.
Notable Fundamentals on Recent Bitcoin Price Prediction
Bitcoin was trading around $47,356.02, after adding approximately 2.6% in the past 24-hours according to metrics provided by CoinGecko. The asset has a market capitalization of $885,029,731,227 with its past 24-hour volume at around $69 billion. Bitcoin hit its all-time high slightly above $48k, as $50k becomes the next hurdle.
At the current mining reward of 6.25 coins per 10 minutes, there are approximately 900 units of Bitcoins produced per day according to data provided by Bitcoinblockhalf. Bitcoin miners continue to be a vital stakeholder of the entire ecosystem despite the increased mining difficulty. Bitcoin miners help maintain blockchain security by confirming transactions to avoid double-spending and other attacks.
Notably, the Hash rate stands at 151.40 Exahashes/s while the mining difficulty stands at 21,434,395,961,349 according to Bitcoinblockhalf. As blockchain activity increases by the day, Bitcoin transaction fees continue to scale higher but not outstanding as observed in the Ethereum ecosystem.
Bitcoin is now up over 43%, and 29% in the past two weeks and seven days respectively according to CoinGecko. The recent rally is perhaps attributed to the recent notable institutional crypto endorsements including Tesla Inc (NASDAQ: TSLA), BNY Mellon among others.
Different analysts have given different Bitcoin price predictions both in the near term and long term. JPMorgan analysts previously put a target of $146k. Several analysts have put their target between $200 and $500 in the current bull run.
However, with the heightened volatility and unprecedented demand coupled up with crazy speculation, Bitcoin could rally further in the ongoing rally.