Bitcoin Price Might Be Primed for a Fresh Rally Beyond Its Current All-Time High — Here's Why
- PHPzOriginal
- 2024-08-26 00:19:12293browse
According to a popular crypto analyst on the X platform, the Bitcoin price might be primed for a fresh rally beyond its current all-time high.
A well-known crypto analyst on the X platform has shared their latest insights on the upcoming Bitcoin price movement. According to the analyst, BTC might be gearing up for a fresh rally that could propel it to new all-time highs. However, a crucial resistance level could determine the fate of this price surge in the short term.
$67,300 Could Be Pivotal To BTC’s Price — Here’s Why
In a new post on X, crypto pundit Ali Martinez has shared an exciting projection for the price of Bitcoin over the next few weeks. This bullish forecast is based on the MVRV (Market Value to Realized Value) Pricing Bands, which allow users to estimate price levels where the market would be at an extreme unrealized profit (high values) or unrealized loss (low values).
These price levels are relevant because they signal where certain investor behaviors, such as profit-taking, risk-taking, or capitulating, are most likely to be triggered. Ultimately, the MVRV Pricing Bands metric is a useful indicator in price analysis, especially for identifying cycle bottoms and tops.
Source: Ali_charts/X
As you can see from the above chart, Martinez’s analysis suggests that flipping the $67,300 resistance would pave the way for the premier cryptocurrency to rally up to an above-$80,500 price point. Usually, breaking through a resistance level like this indicates strong bullish momentum, which could lead to a buying frenzy from both retail and institutional investors.
In a separate post on X, Martinez highlighted a pivotal signal that could indicate when the Bitcoin price might be returning to bullish territory. According to the crypto pundit, BTC could be resuming its bull run following a golden cross between the MVRV ratio and its 365-day simple moving average (SMA). A golden cross is a bullish signal used in technical analysis when a short-term moving average crosses from beneath a long-term moving average.
A strong signal that #Bitcoin is back in bullish territory would be a golden cross between the MVRV Ratio and its 365-day SMA! pic.twitter.com/H4IUZe1VVT
— Ali (@ali_charts) August 24, 2024
It is important to note, however, that the Bitcoin price has struggled to maintain any upward momentum in the past few months. According to data from CoinGecko, the market leader is currently down by 12.6% from its record-high price of $73,737, which was reached in mid-March. An ascent to $80,500 — a new all-time high — would mark a 25% rally from the current price point.
Bitcoin Price At A Glance
At the time of writing, the price of Bitcoin continues to hover around the $64,000 mark, indicating a 0.7% increase in the past day.
The above is the detailed content of Bitcoin Price Might Be Primed for a Fresh Rally Beyond Its Current All-Time High — Here's Why. For more information, please follow other related articles on the PHP Chinese website!