Bitcoin’s price breaches $75,000 to hit new ATH – Is $86,000 next to fall?
The post Bitcoin’s price breaches $75,000 to hit new ATH – Is $86,000 next to fall? appeared on BitcoinEthereumNews.com.
Bitcoin cleared its March high, pushing it towards a new ATH on the charts Metrics suggested the crypto could potentially go as high as $80k Bitcoin [BTC] is in the news today after it briefly hit a new all-time high (ATH) of over $75,116 on Election Night in the United States. Despite some depreciation, at the time of writing, the cryptocurrency was still trading just under the aforementioned level, with a value of $74,791. That’s not all though as the odds of a likely Donald Trump win surged above 90% on Polymarket. This confirmed some of the election targets AMBCrypto projected based on the U.S election’s outcome. Source: Polymarket On the back of these preliminary results, the trend seemed to point to a likely bullish outcome for the markets, should Trump be declared the official winner. However, with BTC above $70k now, is it too expensive to bid at these levels, or can latecomers still benefit? Let’s explore key valuation metrics and network statistics for some answers. What’s next after BTC’s new ATH? Based on Bitcoin’s short-term risk evaluation, CryptoQuant analyst Axel Adler recently projected that $86k could be the next target. He said, “At the $86.2K level, the fate of the bull run will be decided. If the price breaks above this point and forms a strong bullish momentum, we’ll finally see what everyone has been waiting for.” Source: CryptoQuant In 2020, BTC saw a parabolic rally when it broke above the high-risk upper boundary. This could be the key level to watch and break in 2024. Huge room for an extra BTC rally Another valuation metric, the MVRV (market value to realized value) ratio, also signalled a massive growth potential. MVRV tracks whether BTC is cheap (undervalued) or too expensive (overvalued). Despite its new ATH, BTC was…
Filed under: News - @ November 6, 2024 6:24 am