A popular crypto analyst on the X platform suggests that Bitcoin’s price may be gearing up for a fresh rally beyond its current all-time high. However, there is a crucial resistance level that could play a significant role in determining the fate of the flagship cryptocurrency in the short term.
$67,300 Could Prove Pivotal To BTC’s Price — Here’s Why
In a recent post on X, prominent crypto expert Ali Martinez presents an optimistic projection for Bitcoin’s price in the coming weeks. This bullish forecast is based on the MVRV (Market Value to Realized Value) Pricing Bands, which help estimate price levels where the market could experience extreme unrealized profit or loss.
These price levels are crucial as they indicate potential investor behaviors like profit-taking, risk-taking, or capitulating. The MVRV Pricing Bands metric is a valuable tool in price analysis, particularly for identifying cycle bottoms and tops.
Source: Ali_charts/X
Martinez points out that the $67,300 area has been identified by the MVRV Pricing Bands as a significant resistance level for Bitcoin’s price. Breaking through this resistance could potentially propel the cryptocurrency to surpass $80,500.
This breakthrough not only signifies strong bullish momentum but could also attract fresh buying interest from both retail and institutional investors. Martinez also reveals a key signal that could indicate Bitcoin’s return to a bullish trend in a separate post on X.
According to Martinez, a golden cross between the MVRV ratio and its 365-day simple moving average (SMA) could signal the resumption of Bitcoin’s bull run. A golden cross is a bullish technical analysis signal where a short-term moving average crosses above 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
Despite these positive signals, Bitcoin has struggled to maintain upward momentum in recent months. The current market price is 12.6% below its all-time high of $73,737 reached in March. A potential climb to $80,500, a new record high, would represent a 25% increase from the current price.
Bitcoin Price At A Glance
As of now, Bitcoin’s price hovers around $64,000, showing a marginal 0.7% increase in the last 24 hours.
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
