"Bitcoin's return to $73,000 may be the beginning of the "escape velocity" phase"
The return of Bitcoin prices to $73,000 may mark a turning point in the asset's trend, starting its acceleration to the "escape velocity" phase. This term comes from astrophysics and describes the minimum speed required for an object to escape the gravitational field of a planet or satellite without further propulsion. In the view of cryptocurrency analyst James Check, when Bitcoin re-stands at the $73,000 price level, it may also indicate that its market performance will enter a similar state, that is, a rapid and sustained rise phase.
The following is a summary of the relevant analysis points:
1. Not reaching the "excessive" state: According to the short-term holder (STH) market value and realized value (MVRV) indicator, the market has not yet shown a state of "overstretching, overbought and saturated", indicating that market sentiment is still in a stable and enthusiastic but not overly excited stage, laying a solid foundation for the price rebound to $73,000.
2. Potential resistance: However, when Bitcoin reaches $73,000, STH with a holding period of less than 155 days will be in a sufficiently profitable state, which may lead to selling pressure and form short-term resistance.
3. Market consensus: Some other analysts also believe that the market has not yet reached a frenzy. Although Bitcoin is close to $70,000, the market has not shown significant excitement or enthusiasm, and this calm performance is regarded as a positive sign by some analysts.
4. Moving towards price discovery: An anonymous trader believes that Bitcoin is only one step away from entering the "price discovery" stage, which means that its price will break away from its historical highs and enter a new unknown range.
5. Peak prediction: Anonymous trader Yoddha expects Bitcoin to reach its peak price in about 300 days in the future, that is, no later than March 18, 2025. Currently, Bitcoin has been consolidating in the current range for 84 consecutive days.
In summary, despite the potential profit-taking pressure from short-term holders, most analysts tend to believe that once Bitcoin breaks through and stabilizes at $73,000, it will mark the beginning of a new round of accelerated rise, the so-called "escape velocity" phase. Market sentiment remains enthusiastic but not fanatical, showing good support for further rise. Therefore, based on the above information summary, analysts are bullish on the prospects of Bitcoin.
https://cointelegraph.com/news/bitcoin-price-surge-indicators-crypto-analyst-james-check
#RecommendedArticles#ChainAnalysis#Bitcoin
