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By Olivia Brooke - June 4, 2024
The apex cryptocurrency remains in view, with analysts and investors fixating on price movements. Interestingly, Bitcoin at $100,000 is a hot conversation among market participants.
An analyst published under CryptoQuant has made an incredibly bullish analysis, validating the bullish outlook shared by proponents. Per his observation, Bitcoin is still on track to tap new highs this cycle, and $100,000 is still very much attainable.
Citing market indicators and historical data, the analyst outlines the multiple bullish possibilities for Bitcoin in the near term.
With a keen focus on the MVRV (Market Value to Realized Value) indicator, which signals Bitcoin price tops and bottoms, the analyst explains that an MVRV value under 2 indicates an ongoing accumulation zone, further revealing that prices do not reflect actual value.
On the other hand, an MVRV value above 2 is a sign that the market is well on its way to hitting a new price peak.
Citing previous cycle patterns, the analyst observed that a value above 3.5 or higher indicated a peak in price. Notably, market players typically begin a slow exit around this time.
However, with the current MVRV value sitting at 2.3, the price of Bitcoin is still poised to soar significantly until it hits a fair value, the analyst asserted.
“Even if the price drops, it’s a new opportunity to reinforce. Exiting should only start when the indicator approaches a value of 3. This means we are still somewhat far from the peak, and the price will achieve a new high in this cycle, which could be above $100k.” He added.
Fundamental factors also seem to strengthen technical indicators. As Bitcoin and Ethereum have experienced price stability these past few days, more investors have shown interest in both assets, and the number of new participating accumulation addresses has reportedly soared over the past month.
At report time, Bitcoin trades for $68,959. Although market players had received Bitcoin’s stagnancy around the $69,000 price level positively, the asset retreated as losses piled up over the last 24 hours.
While leading altcoins like ETH outperform Bitcoin’s daily performance, a handful of altcoins remain in the red zone. The week ahead remains crucial for Bitcoin and the broader cryptocurrency market.
DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
The original article written by Olivia Brooke and posted on ZyCrypto.com.
Article reposted on Markethive by Jeffrey Sloe
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