Bitcoin is currently experiencing a significant downtrend, with an expert providing an analysis of the cryptocurrency’s recent movements and predicting when the next peak for BTC will occur.
Cryptocurrency analyst Ali Martinez noted that Bitcoin has dropped below the +0.5σ MVRV pricing band at $67,890, suggesting a potential correction towards the mean pricing band at $54,930. As of the latest data, the price of Bitcoin stands at US$64,875.80, reflecting a 0.3% decrease in the past 24 hours.
Martinez pointed out that Bitcoin’s MVRV vs. 1-year SMA indicates momentum, with a below 1-year SMA MVRV often signaling downtrends. He also highlighted a forecast for Bitcoin’s next peak, suggesting that if the current market cycle mirrors the last three, the peak could occur around December 2024 or October 2025.
Additionally, the expert shared a prediction for the next local top of Bitcoin, speculating that it could reach around $89,200, potentially setting a new all-time high for the cryptocurrency.
On June 19, 2024, Bitcoin struggled to surpass the US$66,800 mark, showing sporadic attempts to break through but lacking sustained upward momentum. Similarly, major altcoins such as ETH, XRP, ADA, and Solana are exhibiting bearish signs in their respective price movements.
It is essential to remember that the views expressed in this article are for informational purposes only and do not constitute financial advice. Investing or trading in cryptocurrencies carries inherent risks of financial loss.
In other news, MicroStrategy is seeking to raise $500 million to acquire more Bitcoin, while there are speculations about Bitcoin’s price reaching $1 million by 2025-2033.