Bitcoin Price Forecast: Three Strong Indicators Urge Buying As Experts Predict A 100% Rally Ahead
25 Juin 2024 - 3:00AM
NEWSBTC
The Bitcoin price has experienced a significant correction after
failing to consolidate above the $70,000 level and retesting its
all-time high of $73,700, which it reached in March. With a
retracement of nearly 10% over the past week, BTC is now trading
just above support at the $60,000 level. However, based on
historical data, further price drops may be expected in the coming
days, aligning with patterns observed before explosive bull runs.
Bitcoin Price Analysis Crypto analyst Rekt Capital has compiled
data showing the depth and length of retracements during previous
market cycles. Historical patterns show retracements of
approximately -23% (February 2023), -21% (April/May 2023), -22%
(July/September 2023), -21% (January 2024), -23.6% (April/May
2024), and the current -16% retracement. Related Reading:
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Flying Notably, the current retracement has not yet reached the
average depth or length. Considering these statistics, Bitcoin
could potentially retrace a further 6% to a trading price of
$56,400. Additionally, the downtrend may continue for the
next seven days until July 1st, possibly marking the final retrace
below the sub $60,000 levels before a potential restart of the bull
run and explosive price gains. However, the Bitcoin Crosby Ratio, a
key indicator, is approaching the oversold territory. Throughout
Bitcoin’s history, this has often signaled crucial reversal points
for the cryptocurrency. Notably, the last time this occurred,
Bitcoin rallied over 190% from approximately $25,000 to new
all-time highs above $73,000. Furthermore, the Bitcoin daily
Relative Strength Index (RSI) has entered the oversold zone for the
fourth time since the $15,500 bottom reached in November 2022. In
the past, such occurrences have frequently preceded rallies,
resulting in gains of over 100%. Time To Buy The Dip?
Renowned market expert Ali Martinez has identified a compelling
correlation between Bitcoin’s market value to realized value (MVRV)
Ratio and subsequent price jumps. The MVRV Ratio is a metric
that compares the market capitalization of Bitcoin to the realized
value of its coins. It provides insights into whether Bitcoin
holders are at a profit or loss based on when they acquired their
coins. Related Reading: Solana Slides 13% – Can It Recover
Despite Analyst’s $1,000 Prediction? When the MVRV Ratio dips into
negative territory, it suggests that many Bitcoin holders are in
unrealized losses, potentially indicating an attractive buying
opportunity. Analyzing the historical data, Martinez observed a
consistent pattern where Bitcoin’s price experienced notable jumps
following MVRV Ratio dips below -8.40%. On four occasions,
these dips were followed by price surges of 63%, 100%, 92%, and
28%, respectively. These findings indicate that periods of negative
MVRV Ratios can indicate strong market support and a subsequent
bullish trend. Featured image from DALL-E, chart from
TradingView.com
Bitcoin (COIN:BTCUSD)
Graphique Historique de l'Action
De Août 2024 à Sept 2024
Bitcoin (COIN:BTCUSD)
Graphique Historique de l'Action
De Sept 2023 à Sept 2024