Bitcoin below $70,000 – Here’s why holders shouldn’t lose hope yet!
The post Bitcoin below $70,000 – Here’s why holders shouldn’t lose hope yet! appeared on BitcoinEthereumNews.com.
Bitcoin retained momentum, despite dropping below $70,000 Insights using the MVRV indicator hinted at a possible surge After several attempts to push beyond $70,000, Bitcoin has once again slipped below this resistance level. This highlighted the potential challenges in sustaining upward momentum on the charts. At the time of writing, the cryptocurrency was trading at $68,581, following a minor hike of 0.3% over the last 24 hours. What this means is that additional market strength may be required to solidify a long-term move above $70,000. On the back of the crypto’s recent price movements, CryptoQuant analyst CoinLupin shared insights into Bitcoin’s MVRV (Market Value to Realized Value) cycle. According to the analyst, “As we approach key November events, the MVRV ratio offers a traditional analytic approach to assess Bitcoin’s value amidst broader market factors.” The MVRV ratio, with a value of around 2 at press time, showed that Bitcoin’s market value stood at twice its on-chain value estimate. Instead of focusing solely on the MVRV’s current value, CoinLupin emphasized the trend by using tools like the 365-day Bollinger Band for MVRV and the four-year average to better understand Bitcoin’s cycles. Source; CryptoQuant At the time of writing, the MVRV ratio had moved above this annual average – A sign that while Bitcoin’s trend continues to head north, there is still potential for a higher cycle peak. Long-Term price indicators and future targets According to the analyst, the press time MVRV level suggested a sustained upward trajectory, but one that is yet to reach historical peak levels. This typically falls between 3 and 3.6 on the MVRV scale. Assuming a stable Realized Value, the analyst estimated that BTC would require a 43-77% hike to potentially hit price targets between $95,000 and $120,000. He also noted that rising market interest and buying…
Filed under: News - @ November 5, 2024 5:15 am