Bitcoin price could be poised for another rally beyond its current all-time high, according to a popular crypto analyst on the X platform. However, the analyst has identified a crucial resistance level that could decide the fate of the flagship cryptocurrency in the near term.
$67,300 Could Be Crucial For BTC Price – Here’s Why
In a new post on XProminent crypto expert Ali Martinez has made an exciting forecast for the price of Bitcoin for the coming weeks. This bullish forecast is based on the MVRV (Market Value to Realized Value) Pricing Bands, which allow users to estimate price levels where the market would be at an extreme unrealized profit (high values) or unrealized loss (low values).
These price levels are relevant because they indicate where certain investor behaviors, such as profit taking, risk taking, or capitulation, are most likely to be triggered. Ultimately, the MVRV Pricing Bands metric is a useful indicator in price analysis, particularly for identifying cycle bottoms and tops.
Source: Ali_charts/X
According to Martinez, the MVRV Price bands have identified the $67,300 area as one of the most significant resistance levels for the Bitcoin price. The crypto analyst revealed that a reversal of this major resistance could set the stage for the leading cryptocurrency to break above $80,500.
Typically, breaking this resistance level is not only an indication of strong bullish momentum, but can also trigger new buying from both retail and institutional investors. In a separate post on X, Martinez revealed a crucial signal that could reveal when Bitcoin price returns to bullish territory.
According to the crypto expert, BTC could resume its bull run after a golden cross between the MVRV ratio and its 365-day simple moving average (SMA). golden cross refers to a bullish signal used in technical analysis when a short-term moving average crosses a long-term moving average.
A strong signal that #Bitcoin is bullish again, would be a golden cross between the MVRV ratio 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 maintain an upward movement in recent months. According to data from CoinGecko, the market leader is currently 12.6% away from its record high price of $73,737, reached in mid-March. A surge to $80,500 — a new all-time high — would represent a 25% rally from the current price level.
Bitcoin Price at a Glance
At the time of writing, the price of Bitcoin continues to hover around $64,000, up just 0.7% over the past day.
The price of Bitcoin thickens around the $64,000 mark on the daily timeframe | Source: BTCUSDT chart on TradingView
Main image from iStock, chart from TradingView