Originally published on: November 05, 2024
Bitcoin surged to $69,000 on the US Election Day on Nov. 5, with a key onchain metric signaling a bullish trend towards $120,000 is still on track.
Amidst the election anxiety gripping the market, CoinLupin, an analyst at CryptoQuant, analyzed Bitcoin’s market value realized value (MVRV) indicator to gauge its current value indirectly. With Bitcoin trading at $68,755, the MVRV ratio stands at 2, indicating the market’s surface value is double the onchain estimated value.
Furthermore, the MVRV ratio has recently surpassed the 365-day average and is currently above the four-year average, aligning with Bitcoin’s cycle. The analyst suggests a 43%-77% increase is needed for the MVRV ratio to remain stable.
Additionally, independent analyst Mags noted a “buy” signal from the Bitcoin hash ribbon, hinting at a potential uptrend. Mags’ analysis forecasted Bitcoin reaching $101,679 based on market conditions.
Bitcoin’s recent uptick pushed it above the 20-day exponential moving average (EMA) at $68,221, establishing it as a crucial support level. The 20-day EMA lies within the $66,700-$68,730 range, where significant buy orders have been observed in the past.
The in/out of the money around price (IOMAP) chart indicates strong support for Bitcoin compared to the resistance it faces, suggesting a path of least resistance for BTC is upwards.
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