Bitcoin, the largest cryptocurrency by market capitalization, extended its recent gains, surpassing $73,000 and reaching a new all-time high. Bitcoin price last rose 0.97% to $72,486, according to CoinMarketCap data. It previously touched an all-time high of $73,709 during today’s trading session.
Bitcoin, the largest cryptocurrency by market capitalization, extended its recent gains, surpassing $73,000 and reaching a new all-time high. Bitcoin price last rose 0.97% to $72,486, according to CoinMarketCap data. It previously touched an all-time high of $73,709 during today’s trading session.
With each price increase, investors and analysts eagerly anticipate the next key target for Bitcoin’s rise.
Currently, eyes are on the $80,000 mark, which may act as a psychological barrier for the BTC price; However, bullish indicators suggest that Bitcoin has the potential to break above this level and set its sights on even higher targets.
A popular BTC indicator suggests that Bitcoin may be on the path towards $80,000, with $83,000 identified as the next crucial target.
According to cryptocurrency analyst AliThe next key price target for BTC is $83,035, as indicated by the Bitcoin MVRV price bands.
Bitcoin MVRV price bands, which are based on “market value to realized value” (MVRV), a ratio established by dividing Bitcoin’s market capitalization by its realized capitalization, suggest that $83,000 could be the next key target for Bitcoin. The premise is that if Bitcoin successfully breaks through the $80,000 barrier, $83,000 could be the next major resistance level to overcome.
Is Bitcoin reaching the top of the market?
According to current estimates, there are around 36 days left until the Bitcoin halving that will likely occur in April. Expectations are rising ahead of this event, which is considered bullish for the price of Bitcoin.
According to Ali, after the Bitcoin halving in 2012, BTC peaked in 367 days. After the 2016 halving, it shot to a market high in 526 days, while the 2020 halving took 547 days for BTC to reach a market high.
Ali deduces that historical patterns indicate that Bitcoin could still be a long way from reaching a market peak, although he does not rule out small dips along the way.
