Anticipated Surge in Bitcoin Price to $77,000 Predicted by Prominent Analyst
There are indications that the largest cryptocurrency, Bitcoin, is on track to reach a new all-time high of $77,000. According to Ali Martinez, a well-known cryptocurrency analyst, a recent technical analysis of Bitcoin’s movements, metrics, and behavior of holders suggests a potential price surge.
Martinez observed that as Bitcoin reached a record-breaking high of over $73,000 on March 14, its realized limit also increased. This indicates that long-term holders of the cryptocurrency were profiting and subsequently exiting their positions, resulting in significant realized profits.
Despite investor concerns, the price realized by short-term holders, currently at $60,500, has served as an accumulation point. In fact, long-term holders felt confident enough to add over 70,000 BTC to their positions at these levels after taking profits in March.
The analysis is based on the fundamental laws of supply and demand. Martinez highlights that as the demand for Bitcoin exceeds the available supply of BTC tokens on the market, the likelihood of the cryptocurrency resuming its upward trajectory increases. This is further supported by the observation that more than 30,000 BTC have been transferred to private wallets for long-term holding since the beginning of May, indicating holders’ confidence in the future value of Bitcoin.
In light of these factors, Martinez predicts a potential rise in Bitcoin’s price to the level of $77,000. He explains that on-chain metrics, such as the MVRV extreme deviation price ranges, can provide insights into potential price levels that investors should pay attention to. Currently, Bitcoin has returned above the +0.5σ price range, which sits at $64,600. Historically, this has led to the cryptocurrency testing the 1.0σ price range, supported by increased demand. The current price range for this level is around $77,000.
As of now, the price of Bitcoin stands at $66,019.63, experiencing a 0.4% decrease in the last 24 hours.
It is important to note that the views and opinions expressed in this article are for informational purposes only and should not be taken as financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
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