Bitcoin, the leading cryptocurrency, fell to $ 38,000 due to the declines that started after the ETF approval.
However, BTC started to recover after these declines and rose above $ 43,000. While investors were waiting for a big rise from BTC before the upcoming halving, a positive analysis came from successful analyst Ali Martinez.
Drawing attention to a historical pattern experienced in past bull markets in Bitcoin, Martinez stated that BTC points to a strong recovery potential.
At this point, the analyst stated that $ 40,500 is an important level and pointed out that BTC started to rise in the past as it returned from the level of $ 40,500.
Emphasizing that a similar model has already emerged, with the BTC price returning from its average MVRV level of $ 40,500, Martinez said that this is a positive indicator for Bitcoin.
Underlining that similar situations have occurred in past bull cycles, the analyst said that BTC has a strong upward potential and pointed to $ 60,000.
“In past bull markets, Bitcoin rebounded strongly after touching the average MVRV price band.
Now we are witnessing a similar picture. With the recent bounce of the average MVRV at 40,500, BTC has the potential to rise to the 1.0 standard deviation line at $60,000!”
Apart from Martinez, other analysts also expect the rise in Bitcoin prices to continue as we approach the fourth Bitcoin halving in April 2024.
During past bull markets, #Bitcoin rebounded strongly after touching the mean MVRV pricing band.
We're witnessing a similar pattern now. With the recent bounce from the mean MVRV at $40,500, there's potential for $BTC to surge to the 1.0 standard deviation line at $60,000! pic.twitter.com/mHXI5R3BSP
— Ali (@ali_charts) January 30, 2024
*This is not investment advice.
