Why selling Bitcoin at $ 61k could be a mistake?

Bitcoin (BTC) surpassed the $ 61,500 levels on Saturday, March 13, reaching its new all-time high with a flood of massive buyers. It has been a phenomenal ride for Bitcoin (BTC) from under $ 4.5K exactly one year ago during the Covid market crash.

As Bitcoin (BTC) enters price discovery with this latest surge, some indicators show that the price has yet to peak and thus there is scope for further expansion. Glassnode Co-Founder and CTO Rafael Schultze-Kraft claims that BTC’s net unrealized profit / loss is holding steady despite the price surge, which is a healthy indicator.

He adds that this “indicates that market capitalization is not increasing at an excessively faster rate than profit taking and new capital inflows.” Interestingly, even at this new all-time Bitcoin high, we have yet to reach the greed / euphoria zone.

TO #Bitcoin price increase while NUPL remains stable is healthy.

It indicates that market capitalization is not increasing at an excessively faster rate than profit taking and new capital inflows.

Not the top, we haven’t even crossed .75 to the greed / euphoria zone. Https://t.co/wXgCIkwbbt pic.twitter.com/EajtHKTeZx

– Rafael Schultze-Kraft (@ n3ocortex) March 13, 2021

Another on-chain data from Santiment shows that BTC’s latest price rally comes amid its ever-declining exchange offering. On the other hand, dormant Bitcoin tokens are on the move as whales make a profit while young retail investors continually shop.

🥳😎 #Bitcoin History has been made once again as $ 60,000 was broken at 11:22 am UTC! Several key factors support the ability to $ BTC to continue reaching these new heights, such as its low supply index on exchanges and idle funds in circulation. https://t.co/ORlwHr5DlD pic.twitter.com/z99FdC2FHs

– Santiment (@santimentfeed) March 13, 2021

Well, if this still isn’t enough to convince you that you should hold onto your Bitcoins, here are a few more fundamental indicators that are currently in very healthy territory, further creating the scope of a major rally ahead.

Spring is winding down, with the fundamentals looking great.

Tactical indicators like funding rate, SOPR, and ASOL are in very healthy territory, all giving #Bitcoin a lot of energy for this next stage. pic.twitter.com/l2qlYIGTOQ

– Jan and Yann (@Negentropic_) March 13, 2021

Next Bitcoin (BTC) price target at $ 100K

With this unstoppable and groundbreaking BTC price rally in 2021, everyone is excited about the direction of Bitcoin as of now. PlanB, author of the popular Stock-to-Flow (S2F) model has said that the price of BTC can touch the $ 100K levels in the period from April to September this year.

Further validating is Skew Analytics’ chain option-driven data. The table below shows that the probability of Bitcoin touching the $ 100K levels by December 2021 is 20%. On the other hand, the gray line shows that there is around an 18% chance that it will reach this milestone before September 2021.

In the short term, Bitcoin evangelist Max Keizer claims that the price may touch $ 77K very soon. However, his BTC price prediction for the end of 2021 is still holding steady at $ 220K.