Crypto News

Bitcoin MVRV Hints At $85,000 Price Target On This Condition Details

Bitcoin MVRV Hints At $85,000 Price Target On This Condition  Details
© Copyright Image: NewsBTC

Bitcoin, the worlds largest digital asset, recorded significant market gains in the past week to resume an uptrend that began in early October. Data from CoinMarketCap shows that Bitcoin rose by 10.58% in the past week as pro-crypto candidate Donald Trump emerged as US President-elect on November 5, followed by a 25 bps rate cut by the US Federal Reserve.

With the crypto market leader recording new all-time highs each day, analyst Ali Martinez has dropped a new price target that hinges on a certain condition.

Bitcoin Must Stay Above $71,480 Heres Why

Amidst the current Bitcoin price rally, Ali Martinez predicts the digital asset could reach a local price peak of $85,360. However, this price action can only occur if BTCs value does not decline below $71,480 based on data from the MVRV Deviation Pricing Bands, a trading tool used to identify extreme bullish and bearish market conditions based on the Market Value to Realized Value (MVRV).

Martinezs latest insight on Bitcoins trajectory follows a previous prediction in which the analyst forecasted the premier cryptocurrency to retrace to around $71,500 after hitting the $78,000 price mark.  With Bitcoin within range of this price target following its recent tourney across $77,000, it is imperative that the market bulls prevent any potential retracement below $71,480, which may result in a further decline to $66,000 at which lies its next major resistance. 

Alternatively, Bitcoin is also well poised to push beyond $78,000, reaching Martinezs target of $85,360 without experiencing any projected price pullback as market sentiments remain highly bullish due to multiple factors. 

Aside from Donald Trumps resounding electoral victory which signals an incoming crypto-friendly approach by the US Government, high inflows into the Bitcoin Spot ETFs over the past weeks have also boosted investors confidence in Bitcoins continuous profitability. Nevertheless, all investors are admonished to remain vigilant as the crypto market is subject to high levels of volatility and sudden price movements.

BTC Social Narrative Backs Potential Retrace

In other news, data from analytics firm Santiment shows that Bitcoins rise above $77,000 has induced a change in the social narrative as the general crypto community is anticipating a continuous rise to $80,000. 

According to Santiment, whenever crypto enthusiasts have been overly eager about $80,000 in the past month, Bitcoin has experienced a price retrace. Therefore, there is a need to reduce growing notions around FOMO in order to allow Bitcoin to maintain its current price rally.

At the time of writing, Bitcoin trades at $76,395 reflecting a gain of 0.49% in the past 24 hours.

Read more: https://www.newsbtc.com/news/bitcoin/bitcoin-mvrv-hints-at-85000-price-target-on-this-condition-details/

Text source: NewsBTC

Disclaimer: Financial information and news are not financial advice, read the disclaimer.
Buy & sell Crypto in minutes

Join BINANCE!

The world's largest crypto exchange

You're just steps away from receiving your reward.

The most complete Crypto News Center.

Search Stories:

Latest top stories