Bitcoin price may be poised for a up-to-date rally beyond its current all-time high, according to a popular cryptocurrency analyst at Platform X. However, the analyst has identified a key resistance level that could determine the fate of the flagship cryptocurrency in the brief term.
$67,300 Could Be a Key Point for BTC Price — Here’s Why
In the up-to-date write to XProminent crypto expert Ali Martinez has come up with an invigorating Bitcoin price prediction for the coming weeks. This bullish prediction is based on the MVRV (Market Value to Realized Value) price bands, which allow users to estimate price levels where the market would reach extreme unrealized profit (highs) or unrealized loss (lows).
These price levels are crucial because they signal where certain investor behaviors are most likely to be triggered, such as profit-taking, risk-taking, or capitulation. Ultimately, the MVRV Pricing Bands metric is a useful indicator in price analysis, especially for identifying cycle lows and highs.
Source: Ali_charts/X
According to Martinez, MVRV price bands have indicated the $67,300 area as one of the most crucial resistance levels for Bitcoin price. The cryptocurrency analyst revealed that a breakout of this major resistance could set the stage for the main cryptocurrency to rally above $80,500.
Typically, a breakout through this resistance level not only indicates forceful bullish momentum, but could also trigger fresh buying from both retail and institutional investors. In a separate post on X, Martinez revealed a key signal that could reveal when Bitcoin price is set to return to bull territory.
According to the crypto expert, BTC may resume its bull run following a golden crossover of the MVRV indicator and the 365-day straightforward moving average (SMA). golden cross refers to a bullish signal used in technical analysis when a short-term moving average crosses over a longer-term moving average.
A forceful signal that #Bitcoin returns to bullish territory, which would be a golden cross between the MVRV indicator and its 365-day SMA! photo:twitter.com/H4IUZe1VVT
— Ali (@ali_charts) August 24, 2024
It’s worth noting, however, that Bitcoin’s price has struggled to sustain any kind of gains over the past few months. According to data from CoinGecko, the market leader is currently 12.6% off its all-time high of $73,737, which was reached in mid-March. A rise to $80,500 — a up-to-date all-time high — would represent a 25% raise from its current price point.
Bitcoin price in brief
At the time of writing, Bitcoin’s price is still hovering around $64,000, up just 0.7% in the past 24 hours.
The price of Bitcoin thickens around the $64,000 mark on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
