Cryptocurrency analyst and trader Ali Martinez, known as @ali_charts on social media, has made new predictions about Bitcoin’s price on the X/Twitter network. According to the latest data shared, Martinez anticipates Bitcoin to target $52,680 first, then aiming for $70,250.
Martinez tweeted that based on Bitcoin MVRC pricing ranges, the next targeted price levels for the leading digital currency are $52,680 and $70,250.
The MVRV indicator compares a cryptocurrency’s market value to its realized value. This metric helps determine if a cryptocurrency’s current price is fair and aids traders in spotting market peaks and troughs. Historically, MVRV has been a good gauge to detect local tops and bottoms in Bitcoin prices during its previous halves.
The chief analyst expects Bitcoin to test the range between $48,000 and $51,000. Leading cryptocurrency analyst Michael van de Poppe stated that Bitcoin, the digital gold, commenced 2024 on a high note, reaching new record levels. Bitcoin is projected to continue toward price levels ranging between $48,000 and $51,000 before potentially encountering resistance upon reaching them.
Over the last 24 hours, the world’s leading cryptocurrency witnessed a significant price surge of nearly 7%, reaching $45,695 and adding nearly $3,000 in a single day. Approval for instant Bitcoin-traded investment funds may happen this week.
The remarkable surge in Bitcoin is attributed to the imminent approval of instant Bitcoin-traded investment funds offered by nearly a dozen leading companies on Wall Street, awaiting approval from the Securities and Exchange Commission.
Michael van de Poppe also mentioned this in his tweet, questioning whether this could indeed occur before Saturday.
Among these financial giants are asset management companies BlackRock, Fidelity, Ark Invest, and VanEck. All have submitted applications for exchange-traded Bitcoin funds last year, alongside several other Wall Street funds.
The potential approval of Bitcoin ETFs by the Securities and Exchange Commission is the key factor expected to drive Bitcoin to new record levels this year. Widely believed as the second major driver for further Bitcoin increases in 2024 is the anticipated Bitcoin halving in April of this year.
Important Notice: The content of this article is for informational purposes only and should not be construed as financial advice. Chinwa.tech assumes no responsibility for any investment decisions made based on the information provided herein. It is strongly advised to seek the guidance of a qualified specialist or financial advisor before making any investment choices.