According to a popular crypto analyst on the X platform, Bitcoin price could be on the verge of rising again beyond its current all-time high. However, the analyst has identified a crucial resistance level that could determine the fate of the leading cryptocurrency in the near term.
$67,300 Level Could Be Crucial for BTC Price – Here’s Why
In new Posted on XProminent cryptocurrency expert Ali Martinez has made an interesting prediction for Bitcoin’s price over the next few weeks. This bullish prediction is based on MVRV (market value to realized value) pricing ranges, which allow users to estimate price levels where the market may be at unrealized gain (high values) or unrealized loss (low values).
These price levels are important because they indicate where certain investor behaviors are likely to be triggered, such as profit taking, risk taking, or surrendering. Ultimately, the MVRV price ranges measure is a useful indicator in price analysis, especially for identifying cycle bottoms and tops.
source: Ali_Charts/X
According to Martinez, the MVRV price ranges have identified the $67,300 area as one of the most important resistance levels for Bitcoin price. The crypto analyst revealed that overturning this key resistance could pave the way for the leading cryptocurrency to surge above $80,500.
Typically, a breakout of this resistance level not only signals strong bullish momentum but can also trigger fresh buying from retail and institutional investors. In a separate post on X, Martinez revealed a pivotal signal that could reveal when Bitcoin’s price will return to the bullish zone.
According to the crypto expert, BTC may resume its bullish run after a golden cross between the MVRV ratio and its 365-day simple moving average (SMA). golden cross Refers to a bullish signal used in technical analysis where a short-term moving average crosses below a long-term moving average.
A strong indication that #Bitcoin A return to the bullish zone would be a golden cross between the MVRV ratio and its 365-day simple moving average! pic.twitter.com/H4IUZe1VVT
— Ali (@ali_charts) August 24, 2024
However, it is worth noting that the price of Bitcoin has struggled to maintain any upward momentum in the past few months. According to data from CoinGecko, the market leader is currently 12.6% away from its record high of $73,737, which was reached in mid-March. The climb to $80,500 — a new all-time high — represents a 25% gain from the current price point.
Bitcoin Price at a Glance
At the time of writing, Bitcoin is still hovering around the $64,000 level, reflecting a mere 0.7% increase in the past day.
The price of Bitcoin thickens around the $64,000 mark on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image by iStock, chart by TradingView