Yuri Molchan
Analysts show that the MVRV price bands show that Bitcoin has new important price levels ahead
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Crypto analyst and trader Ali Martinez (known on social media as @ali_charts) took to the social network X/Twitter to share a new price prediction for the world's leading cryptocurrency Bitcoin.
He shares new data and expects Bitcoin to initially target $52,680 and then $70,250.
New major Bitcoin price targets are emerging
Martinez tweeted that according to the Bitcoin MVRC price band, the upcoming price targets for the world's leading digital currency are $52,680 and $70,250.
The MVRV indicator compared the market capitalization of a cryptocurrency with its realized capitalization. Through this comparison, the MVRV ratio can show whether the current price of a cryptocurrency is fair or not, and it helps traders identify the ups and downs of the market. Additionally, MVRV has historically been a good metric for detecting local highs and lows that occurred during the first three Bitcoin halvings.
Leading analysts expect Bitcoin to test $48,000-$51,000
Major cryptocurrency analyst Michael van de Poppe has tweeted that digital gold Bitcoin has started the new year 2024 with a rally towards new highs. He believes that Bitcoin will continue to head towards the $48,000 to $51,000 price levels and then face potential resistance once these are reached.
In the last 24 hours, the world's leading cryptocurrency saw a massive price increase of almost 7%, reaching the $45,695 mark and gaining around $3,000 in a single day.
Spot Bitcoin ETFs could be approved this week
Bitcoin's astonishing rise can be attributed to the fact that spot Bitcoin ETFs, filed by about a dozen leading Wall Street firms, may be approved by the SEC regulator by the end of this week. Michael van de Poppe also mentioned this in his tweet and wondered if it could actually happen before Saturday.
These financial monsters include fund management companies BlackRock, Fidelity, Ark Invest and VanEck; They all filed applications for spot Bitcoin exchange-traded funds last year, along with several other Wall Street funds.
The possible approval of Bitcoin ETFs by the SEC is the key factor that is expected to drive Bitcoin price to new highs this year. The second main driver for further Bitcoin gains in 2024 is widely believed to be the expected BTC halving in April this year.
About the author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. He believes that blockchain and cryptocurrencies have the potential to change the world in many aspects of the future. He has written for several crypto media outlets. His articles have been quoted by crypto influencers such as Tyler Winklevoss, John McAfee, CZ Binance, Max Keizer, etc.
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