Originally published on: November 05, 2024
Bitcoin made significant moves on United States Election Day, reaching $69,000 and sparking optimism in the market. Despite ongoing macro issues, analyst CoinLupin suggests that Bitcoin’s journey towards $120,000 is still on track.
Using the market value realized value (MVRV) indicator, CoinLupin notes that Bitcoin’s current price of $68,755 shows the market value is double the estimated onchain value. This bullish sentiment is further supported by the indicator surpassing the 365-day and four-year averages.
The MVRV ratio indicates a potential 43%-77% increase if the realized value remains constant. As new buyers enter the market, an uptick in RV is expected, possibly leading to a peak surpassing previous cycles.
Moreover, independent analyst Mags points out that the Bitcoin hash ribbon recently signaled a “buy,” hinting at a strong upward movement for BTC. Considering this, Bitcoin could potentially surge to $101,679, as suggested by Mags’ analysis.
The recent uptrend in Bitcoin’s price also broke above the 20-day exponential moving average (EMA) at $68,221, indicating continued bullish momentum. This level now serves as immediate support for Bitcoin.
Analyzing the support and resistance levels, the IOMAP chart shows strong support for Bitcoin, suggesting that the path of least resistance for BTC is upwards.
While this article does not offer investment advice, the bullish indicators point towards a promising future for Bitcoin as it aims for $120,000. Risk management and thorough research are always recommended for making informed investment decisions. Stay updated with critical insights by subscribing to the Markets Outlook newsletter.
