Leading cryptocurrency Bitcoin exceeded $45,000 as the deadline for the SEC to announce its decision on spot Bitcoin ETFs came to an end.
While the positive atmosphere regarding the BTC price continues, a BTC price prediction came from popular analysts Michael van de Poppe and Ali Martinez.
At this point, Martinez, who made a price prediction according to the Bitcoin MVRV Pricing Bands indicator, said that the upcoming price targets for Bitcoin are $ 52,680 and $ 70,250 according to this indicator.
“ According to MVRV Pricing Bands, the next key price targets for Bitcoin are $52,680 and $70,250!”
According to the #Bitcoin MVRV Pricing Bands, the next key price targets for $BTC are $52,680 and $70,250! pic.twitter.com/3w81kL6H0Z
— Ali (@ali_charts) January 2, 2024
The MVRV indicator compares the market capitalization and realized capitalization of a cryptocurrency. Through this comparison, the MVRV ratio helps investors see the highs and lows of the market. Additionally, historically MVRV has been a good indicator for spotting tops and bottoms during Bitcoin halvings.
“Bitcoin May Encounter Potential Resistance at These Levels!”
Secondly, popular analyst Michael van de Poppe also made a BTC price prediction.
Poppe stated that Bitcoin started 2024 with a rise towards new peaks.
Poppe, who made a more modest prediction compared to Martinez, said that the price target for BTC is between $48,000 and $51,000.
However, Poppe believes Bitcoin will face potential resistance once it reaches these levels.
“Bitcoin starts the new year with a new rise to highs.
I still expect BTC to move towards $48-51k and I think BTC will face potential resistance at these levels.
Will the ETF be approved this week?”
Bitcoin continues to trade at $45,190 at the time of writing.
The year starts of with a new rally of #Bitcoin towards the highs.
I'm still expecting continuation towards $48-51K and find a potential resistance there.
ETF to be approved this week?! pic.twitter.com/OdoNevoqve
— Michaël van de Poppe (@CryptoMichNL) January 2, 2024
*This is not investment advice.
