According to CryptoPotato, an analyst has identified two on-chain scenarios that could lead Bitcoin (BTC) to reach the $150,000 price level within the next six months. Onchain Edge's analysis of on-chain data revealed that unrealized profits and losses are currently close to the 0.54 level, the same area that marked BTC’s price top in 2019. The Puell Multiple, a BTC valuation tool that examines Bitcoin miner profitability, has reached the 1.83 level, indicating that the market still has room for growth.
Bitcoin open interest has been on the rise and currently sits at a level seen during the 2021 rally that saw BTC hit its all-time high. Onchain Edge’s findings laid the foundation for their predictions as the values of these metrics show BTC has more room for price increases. The first scenario predicted by the market analyst is a repetition of market movements in 2019, with BTC’s value dropping to the realized price line of $23,000 within the next six months before following the second scenario.
In the second scenario, the supply in loss will fall to 3% in the next six months, resulting in a major bull run that will push BTC's price to $150,000. Onchain Edge believes this scenario is more likely to manifest as new money has not entered the market and open interest has not experienced a blow-off top yet.
