Amid the recent rally that Bitcoin (BTC) As we experienced at the beginning of the week, several well-known cryptocurrency analysts seem to be optimistic about the largest crypto assets, providing several positive predictions for BTC in the short and long term.
Bitcoin ready to reach the $60,000 price mark
One of the famous crypto analysts who recently shared exciting and positive predictions for Bitcoin is Ali Martinez. Martinez, known for his enthusiasm for cryptocurrency, took to social media platform X (formerly Twitter) to share his projections with the community.
The analyst’s forecast goes into more detail Market value to realized value (MVRV) ratio price band for Bitcoin. Ali Martinez has examined historical patterns seen in the previous bull markets that could skyrocket the price of BTC.
According to him, the historical pattern now appears to be appearing on Bitcoin’s MVRV chart. He claimed that the price of BTC has recovered from the average MVRV level of $40,500, which is a similar shape seen in the current market.
He added that with this shape, it is possible for Bitcoin to rise towards the 1.0 standard deviation line. As a result, Martinez expects the price of BTC to reach a new annual high of $60,000.
The message read:
We are now witnessing a similar pattern. With the recent rebound in the average MVRV at $40,500, there is potential for BTC to rise towards the 1.0 standard deviation line at $60,000.
Martinez’s latest Bitcoin analysis has since sparked new sentiment among the crypto community towards the digital asset. His prediction came in light of BTC rallying, pushing its price higher $43,000 from Tuesday January 30.
Investors and traders are now watching these events closely in hopes of identifying future market opportunities for BTC. This also suggests the introduction of new investors and traders into BTC.
In another X-post the expert marked the emergence of new Bitcoin addresses. He noted that approximately “67 new entities” now own 1,000 BTC and more, indicating “an increase of 4.50% in two weeks.”
Analysts are digging into BTC’s price action
Negentropic, the co-founder of Glassnode, has done just that revealed are latest projections for BTC price action. Negentropic reported that a significant liquidity pool for long positions had formed as Bitcoin breached $42,200, indicating “neutral momentum.”
This action points it out BTC‘s plan to breach the $42,000 liquidity barrier, which could lead to more market changes and volatility. He further noted that as a result of the action, liquidations took place totaling “$659 million.”
Furthermore, as optimism increases, he expects liquidations in short positions to reach as much as $1 billion. As a result, it will position the market for a possible uptrend.
Currently, the price of Bitcoin is trading at $42,979, showing an increase of over 7% in the past week. However, according to CoinMarketCap, market capitalization and trading volume are down 1% each.
Featured image from iStock, chart from Tradingview.com
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