Bitcoin Eyes $104K as MVRV Signals Room for Growth
As Bitcoin forms an evening star pattern, is a pullback to $84,000 imminent, or will the bull run continue toward $100,000?As bullish exhaustion leads to a minor pullback in Bitcoin, the streak of new all-time highs takes a pause. Currently, the BTC price is trading below the $88,000 mark with a market cap of $1.75 trillion. Over the past 30 days, Bitcoin has increased by more than 40%. Will the latest minor pullback delay the Bitcoin price target of $100,000? Lets find out.Bitcoin Price AnalysisBitcoin is currently trading at $87,496, with an intraday pullback of 0.61% from the opening price of $88,038. Yesterday, the price formed a doji candle, with a downfall of 0.83%. This warned of an evening star pattern, as it had formed a massive bullish engulfing candle with a 10.38% surge on Monday. Further, Bitcoin's bearish reversal occurred from the 1.618 Fibonacci level, which was priced at $88,574. In the recent cycle, the BTC price formed its all-time high at $90,243 on the Bitstamp exchange.As the evening star pattern warns of a pullback, the lower price rejection in the intraday candle teases a bullish extension. Furthermore, the growing bullish influence teases a positive crossover between the 100-day and 200-day simple moving average lines. This means the average lines are ready for a positive alignment following the golden crossover. Hence, the dynamic lines trigger a buy signal for Bitcoin. Meanwhile, the MACD and signal lines continue to prosper, with a surge of positive histograms signaling healthy bullish momentum. MVRV Shows Room for Growth Amid Growing NetworkAmid the increasing demand for crypto, the active Bitcoin addresses have surpassed the 1 million mark. Furthermore, the number of transactions and transaction fees over the Bitcoin network has significantly increased, per Intotheblock.
Text source: The Crypto Basic
