The world’s largest cryptocurrency Bitcoin (BTC) has made a move above $50,000 levels with its market cap approaching $950 billion. It is for the first time since May 15, 2021, that Bitcoin has crossed these levels. As of press time, BTC is trading 2.37% up at a price of $50,268.
Zhu Su, the founder of Three Arrows Capital and crypto billionaire predicts that Bitcoin can touch a new all-time high of $88,888 and that too within two months from here. It means the analyst is eyeing another 75% appreciation from the current levels.
— Zhu Su 🔺 (@zhusu) August 22, 2021
The world’s largest cryptocurrency Bitcoin has recently caught up northward momentum by gaining over 60% in the last three months. The bulls and institutional players have been raging in with the Bitcoin network activity also picking up strongly. On-chain data provider Santiment reports:
Bitcoin has broken a market value of $50,000 for the first time since May 14th, and its coinciding with the biggest increase in development activity… also since May. If #github submissions continue pushing higher here, it will be a promising sign.
Bitcoin (BTC) On-chain Metrics
The on-chain developments for the Bitcoin network are very healthy. Data from Glassnode shows that a massive 86% of Bitcoin addresses have turned profitable for the first time in three months.
Furthermore, citing data from Glassnode, Chinese journalist Colin Wu reports: “The number of long-term held or lost BTC has reached 7,131,084, accounting for about 33.96% of the total, which is the highest point in the past five months. This part of the Token can be regarded as out of circulation”.
At the current price point, the Bitcoin Fear and Greed Index is showing up at 76 levels. This suggests extreme greed in the market at the current BTC price levels. However, the index score is still than 95, last seen in February 2021. It will be interesting to see how the BTC price moves further from here.