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Bitcoin On-Chain Metrics Point to Sustained Growth

Bitcoin On-Chain Activity Report, December 2024

Ecoinometrics

Dec 18

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Sometimes the price moves but there is nothing behind it. And sometimes Bitcoin is driven by fundamental demand.

Right now we are in the second situation. Bitcoin is on the move with strong fundamental support. This is a very positive signal for the bull market.

Let's look at what you need to watch to spot early signs of a top.

The Ecoinometrics newsletter gives you insights from crypto and macro data to help you make better investment decisions.

We spend hours every day gathering data, creating metrics and bringing them to life with data visualizations that allow you to quickly get to the heart of things.

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Bitcoin On-Chain Metrics Point to Sustained Growth

The Takeaway

Bitcoin's on-chain activity is surpassing previous cycle highs, indicating robust fundamental demand beyond ETF inflows.

Historical analysis suggests room for further growth, with data pointing to a price target between $140,000 and $160,000 over the next 90 days.

While the outlook is positive, investors should monitor on-chain activity for early signs of market exhaustion. Checkout the Bitcoin Market Monitor for that.