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Bitcoin and MVRV Ratio Golden Cross, Analysts Estimate It Can Rise to $148,000
The market is warming up, and Bitcoin has also seen two golden crosses, with analysts predicting that Bitcoin still has room to rise from its current high point.
Two well-known market analysts, Crypto Rand and Ali Martinez, recently conducted analyses, both stating that Bitcoin could rise further.
Bitcoin Forms a Traditional Golden Cross
Crypto Rand primarily looked at the traditional golden cross formed by the 50-day and 200-day moving averages on the Bitcoin daily chart. His chart shows that the 50-day moving average has just crossed above the 200-day moving average, which typically indicates a rise.
Previously, at the end of 2023, Bitcoin also experienced this golden cross pattern, rising from $34,000 all the way to over $73,000 in March 2024, an increase of 110% in just four months.
Crypto Rand believes that with this golden cross, Bitcoin might experience another similar increase, estimating that Bitcoin could rise to around $148,000 in the next few months.
He also provided a timeline, estimating about 137 days from this golden cross, which is similar to Bitcoin's last cycle. If history repeats itself, Bitcoin's price could rise again during this period, expected to reach early to mid-2025.
BTC's MVRV Ratio Also Forms a Golden Cross
Ali Martinez also conducted an analysis, but he primarily focused on the market value to realized value (MVRV) ratio of Bitcoin. This ratio compares Bitcoin's current price to its average purchase price, assessing whether the asset is cheap or expensive.
Martinez's chart shows that Bitcoin's MVRV ratio has exceeded the 365-day moving average, which he also refers to as a golden cross.
He stated that this type of golden cross usually indicates the beginning of a major bull market, as it shows that everyone is scrambling to buy Bitcoin. This buying momentum typically drives prices up.
He also provided historical examples; when the MVRV ratio exceeded the 365-day moving average, Bitcoin experienced significant price increases. This occurred in 2020, 2021, and 2023, with price increases of 638%, 69%, and 236%, respectively.
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