IF BITCOIN PRICE REACHES THIS LEVEL, EUPHORIA MAY BEGIN.
In a market report dated May 21, crypto analyst James Check stated that if Bitcoin reaches $73,000, extreme optimism may begin.
The market is not yet "overstretched, overbought and oversaturated," Check said. The analyst cited the short-term holder (STH) market value to realized value (MVRV) metric.
"While the transition from euphoria to the more intense side can happen quickly, we see that we have not yet reached that state..." Check said.
The crypto analyst believes that the peak in enthusiasm has not yet been seen.
Check also emphasized the possibility of short-term profit-taking wallets selling at the $73,000 level.
Several other analysts also agreed that market enthusiasm has yet to peak.
"Bitcoin is at $70,000, there is little excitement and no enthusiasm, we have to accept that," crypto trader Matthew Hyland wrote in a post on X on May 22.
"Bitcoin is just a fraction away from discovering new highs," crypto trader Jelle added.
Another influencer, Yoddha, believes that Bitcoin will reach its peak price before March 18, 2025:
"Bitcoin has been consolidating in the current range for the last 84 days, I think BTC will peak in the next 300 days."
Short-term MVRV indicator. Source: James Check
