The CTO of crypto market information aggregator Glassnode, Rafael Schultze-Kraft, has described a slew of Bitcoin market indicators as “insanely bullish” and predicted costs are set to extend by greater than 10 instances.

On Dec. 9, Schulze-Kraft tweeted a thread offering the idea for his ultra-optimistic prediction, presenting six “of an important on-chain market indicators which might be at the moment hovering on the similar ranges they had been at the beginning of 2017.”

Every of Schulze-Kraft’s predictions (or estimates) see Bitcoin breaking into six-figures, with all however one suggesting that BTC will exceed $200,000

For every of the symptoms, Schultze-Kraft measured the positive factors produced when the metric moved from the same place in 2017 till it posted an all-time excessive later that yr. He then multiplied Bitcoin’s present value by the identical proportion improve.

Schultze-Kraft famous that Bitcoin’s Net Unrealized Profit/Loss, or NUPL — “the distinction between unrealized positive factors and losses based mostly on when cash final moved on chain” — has climbed again as much as 78% of its 2017 ATH.

Bitcoin’s value gained 1,400% to its peak, as NUPL ascended from the same degree to the place it’s at the moment, in early 2017. If the identical state of affairs performed out, Kraft estimates that Bitcoin’s value may attain $286,000 this cycle.

Bitcoin’s Internet Unrealized Revenue/Loss: Glassnode

BTC’s Market Cap to Thermocap ratio — which assesses Bitcoin’s value premium relative to miner expenditure — is at the moment sitting at simply one-quarter of its 2017 excessive. In 2017, Bitcoin’s value gained 625% because the metric rose to its all-time highs, suggesting BTC may tag $138,000 in future.

Bitcoin’s MVRV Z-Score — which seeks to determine when Bitcoin is “over/undervalued relative to its “truthful worth’” — at the moment sits at 34% of its 2017 prime, the ascent to which accompanied a 1,150% value achieve. Ought to BTC rally with the identical energy as in 2017, Kraft-Schulze estimates Bitcoin will likely be value $240,000 every.

Kraft-Shulze recognized that metrics longer-term hodler conduct urged even increased value targets.

Lengthy-Time period Holder MVRV, which is the common revenue or lack of all BTC at the moment circulating, and Lengthy-Time period Holder SOPR — which is Bitcoin’s general revenue and loss in line with when every coin final moved on-chain — are every sitting at simply 13% of their report highs. With the worth of Bitcoin having gained 1,340% and 1,620% alongside these metrics in 2017, Kraft-Schulze predicts crypto may tag $274,000 or $328,000 in future.

Reverse risk — which is used to “assess the boldness of long-term holders relative to [Bitcoin’s] value” — additionally suggests coming value highs of $240,000, with the metric at the moment at solely 11% of its former excessive.

Nonetheless, Kraft-Schulze urged his followers to “take these numbers with a grain of salt.”

“What this goals to indicate: These #BTC cycle indicators are nonetheless far-off from their values that indicated a $BTC prime in 2017.”

Glassnode’s Dec. 8 weekly on-chain information report discovered that Bitcoin is prone to retrace earlier than rallying into new all-time highs as buyers look to appreciate earnings made throughout the run-up to the current retest of $20,000, stating:

“Sideways or downwards value motion might be anticipated as they understand these earnings.”

Regardless of warning of bearish stress from short-term profit-takers, the report concludes that Bitcoin’s long-term outlook is bullish.