Bitcoin extends its gains, looking at the price action in the last few trading days. At spot rates, buyers are “hungry” and aiming not only to confirm the rally of the past two days but also to close above the March 2024 highs of around $74,000.
Bitcoin “Golden Cross” patterns.
The optimism on the series was confirmed. On X, one of the analysts Notes The market value to realized value (MVRV) ratio has exceeded the 365-day moving average.
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The MVRV ratio is a metric used by on-chain analysts to measure the average profit (or loss) for BTC holders at each price point. Historically, when the MVRV crosses the 365-day moving average, it is considered a “golden cross” and has preceded sharp price gains.
If this development develops as it didThe odds of Bitcoin expanding and closing above important resistance levels, in this case, $74,000, will be high. For now, an impressive rally above $72,000 to $73,000 on October 29 could be a sign of strength, preparing bulls for the next wave of demand.
It will still be the case that, as the bulls prepare to break the $74,000 level, how quickly it grows and eventually surpasses $86,000 will be crucial. In a post on X, one of the analysts on the chain He said A close above $86,200 will determine the “fate of the bulls.” Once buyers overcome this barrier, they need “strong upward momentum.” The analyst said that after that, prices will develop as everyone was waiting for.
Over the past few months, especially after rising to nearly $74,000 in March 2024, Bitcoin holders have been anticipating sharp price gains, pushing prices toward $100,000.
As the analyst hints, a close above $86,200, a “high-risk upper bound” based on short-term Bitcoin analysis and risk assessment charting CryptoQuant, could easily see BTC extend to $100,000.
Market forces will determine the pace of growth
How quickly BTC will rise to $100,000 depends on multiple factors. Inflows from institutions will be crucial. It is encouraging that demand is on the rise, especially in the case of net inflows from Bitcoin ETF issuers on October 29, as seen in SosoValue. More than $870 million worth of stock was purchased.
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Beyond institutions, parallel market data He appears For retail traders to open leveraged buy trades on permanent platforms and buy immediately, especially on Binance. However, on Coinbase, selling in the spot market is done at a premium.
Featured image from Canva, chart from TradingView