Bitcoin Price Prediction: BTC To Surge 1,000%, Be 'Insanely Bullish,' Glassnode CTO Says

Multiple on-chain metrics are suggesting that Bitcoin will comfortably reach a six-figure price in the future, said Rafael Schultze-Kraft, the chief technical officer of cryptocurrency data aggregator Glassnode.

The CTO said these market indicators are in a similar position as they were just before the 2017 bull run.

He shared a "Long Term Holder MVRV" chart, which measured the average profit or loss of all Bitcoin in circulation. It suggests the Market-Value-to-Realized-Value is currently at a point that coincides with that of the 2017 bull run.

Another chart, the "MVRV Z-Score" chart, analyzes whether Bitcoin is overvalued or undervalued in relation to its fair value. According to it, Bitcoin's current value is at 34% from its 2017 top, suggesting room for further gains. If Bitcoin continues its rally as it did in 2017, the CTO estimates it will be worth $240,000 each.

Another metric, the "Net Unrealized Profit/Loss" – which is the difference between unrealized gains and unrealized losses relative to the date when Bitcoin last moved on the blockchain – is now at 78% away from its peak in 2017. A similar increase from the current level will put the price at $286,000, Kraft said.

"Reserve Risk" charts the confidence of long-term holders in relation to its price. Its current value is at 11% from the 2017 top. Kraft said Bitcoin will reach $240,000 if it rallies with the same strength.

The "Market Cap to Thermo Cap Ratio," which measures the market cap of Bitcoin divided by the miners' total revenue since the beginning, shows Bitcoin is in a similar position as it was during the previous rally, which suggests that it could reach up to $138,000.

Finally, the "Long Term Holder SOPR," which measures Bitcoin's overall profit and loss relative to when they last moved on the blockchain, is currently 13% from the 2017 top. A similar increase would put Bitcoin at $328,000, he said.

While these long term charts are bullish, in the short-term, the sentiments are bearish for Bitcoin as it closed Thursday at $18,253, its lowest price in the last 10 days.