This Must Occur Before Bitcoin's Price Can Rally To $80,500
These price points matter because they indicate when investors are likely to do things like take risks, capitulate, or make a profit. whether analyzing prices, the MVRV Pricing Bands statistic is helpful for determining whether a cycle has reached its bottom or peak.
If this key resistance level were to be broken, the leading cryptocurrency may be able to go up to $80,500 or more, according to the crypto expert.
If the price breaks over this level of resistance, it might mean that institutional and ordinary investors are getting ready to purchase again, which is a good sign for the market. Martinez shared an important indicator in another X post that may show when Bitcoin's price goes up again.
After a golden cross occurred between the MVRV ratio and its 365-day simple moving average (SMA), the crypto pundit believes that BTC might be starting its bull run again. When the short-term moving average rises above the long-term moving average, it is seen as a positive signal in technical analysis, known as a golden cross.
It should be noted, however, that Bitcoin's price has had a hard time sustaining any upward trend over the last few months. Market leader is now trading at a 12.6% discount to its all-time high of $73,737, hit in the middle of March, according to data from CoinGecko. A new all-time high of $80,500 would be a 25% rally from where it is now.
