The bulls are back in full force in the Asian session today as flagship cryptocurrency asset, Bitcoin rallied to trade new all-time highs, entering a state of price discovery. In the Asian session, Bitcoin traded as high as $68,530.34, making its way to the $70,000 trading zone.

This move up has pushed the cryptocurrency market capitalization to tackle the $3 trillion price point as it stands at $2.94 trillion according to coinmarketcap. Analysts are now closely watching PlanB’s Stock-to-Flow (S2F) model which predicts that the asset class would close the month of November trading $98,000. This price scenario is described by PlanB as the ‘worst-case scenario’.

Also adding to the bull’s flame are Bitcoin investors, who have decided not to sell their holdings at current prices. The share of Bitcoin’s supply has remained inactive for the past three months, spiking to a record high of 85%.

What you should know

On-chain analytics provider Glassnode, in its Nov. 8 “The Week On-chain” report stated, “By definition, given the coin supply younger than 3mths is at an all-time-low of 15%, this means that coins older than 3mths are at an all-time-high of 85% of supply. Over 85% of the coin supply has remained dormant since August 2021. Investors are just not spending their coins.”

Addresses that have not moved their Bitcoin in the last 12-months, who are usually referred to as “long-term holders” (LTH), are among those most actively stockpiling coins, with these addresses moving just 6,500 BTC daily.

The trend of accumulation does not seem to be slowing down anytime soon. The share of supply held on centralized exchanges also dropping to a record low of 12.9% as BTC is increasingly placed into secure storage. Glassnode report stated, “The market is likely still in the quiet accumulation phase, punctuated by low activity, large exchange outflows, and very modest strategic spending by experienced holders.”

Bitcoins current market capitalization of $1.28 trillion makes the asset class more value than Tesla and Facebook, according to Asset Dash. Bitcoin now ranks as the 6th most valuable asset in the world.

Bitcoin trades $68,000 as of the time of writing this report and many analysts believe there is still more room for growth.

William Clemente, an on-chain analysts’ expert, did a Twitter trend explaining the macro aspect of Bitcoin and also giving price predictions. On the price predictions, he used a Top Cap Model which was created by Willy Woo, also an on-chain analyst. He stated, “This is the “Top Cap” model, created by @woonomic. This looks at the all-time moving average cap of Bitcoin and multiplies it by 35. Currently sits just over $204,000.”

He also used a Delta Valuation Model in which he stated, “This is what I’ve called the Delta Valuation Model. This looks at Delta cap (created by @kenoshaking) as the floor and takes a 7.5X multiple of this for the top. Top currently sits just above $114,000.”