According to a popular cryptocurrency analyst on the X platform, the Bitcoin price could be primed for a fresh rally beyond its current all-time high. However, the analyst has identified a crucial resistance level that could determine the fate of the flagship cryptocurrency in the near term.
The $67,300 level could be decisive for the BTC price: here’s why
In a new Post on XProminent cryptocurrency expert Ali Martinez has come up with an interesting projection for the price of Bitcoin over the next few weeks. This bullish forecast is based on the MVRV (market value to realized value) price bands, which allow users to estimate price levels at which the market would be at an extreme level of unrealized gain (high values) or unrealized loss (low values).
These price levels are relevant because they indicate where certain investor behaviors are most likely to be triggered, such as profit-taking, risk-taking, or capitulation. All in all, the MVRV price bands metric is a useful indicator in price analysis, especially for identifying cycle lows and highs.
Fountain: Ali_graphics/X
According to Martinez, the MVRV The price bands have pointed out the $67,300 area as one of the most important resistance levels for the Bitcoin price. The cryptocurrency analyst revealed that breaking through this important resistance could pave the way for the leading cryptocurrency to surpass $80,500.
Typically, breaking through this resistance level is not only indicative of strong bullish momentum, but could also trigger fresh buying by both retail and institutional investors. In a separate post on X, Martinez revealed a fundamental signal that could reveal when the price of Bitcoin Price is bullish again territory.
According to the cryptocurrency expert, BTC could be resuming its uptrend following a golden crossover between the MVRV ratio and its 365-day simple moving average (SMA). golden cross Refers to a bullish signal used in technical analysis where a short-term moving average crosses below a long-term moving average.
A strong sign that #Bitcoin A return to bullish territory would be a golden crossover between the MVRV index and its 365-day SMA. image.twitter.com/H4IUZe1VVT
— Ali (@ali_charts) August 24, 2024
However, it should be noted that Bitcoin’s price has struggled to maintain upward momentum in recent months. According to data from CoinGecko, the market leader is currently 12.6% away from its record price of $73,737, reached in mid-March. A rise to $80,500 (a new all-time high) would represent a 25% rally from the current price.
Bitcoin price at a glance
At the time of writing this article, the price of Bitcoin continues to hover around the $64,000 mark, reflecting a mere 0.7% increase over the past day.
The price of Bitcoin thickens around the $64,000 mark on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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