Bitcoin climbs to $65,000 and momentum is building towards $100,000.
MVRV Z-score and NVT support BTC price potential at $70,000.
The surge in Bitcoin ETF trading volume and AUM inflows suggests that market sentiment is improving.
Former US President Donald Trump is not giving up on his bet on the cryptocurrency industry. Despite the assassination attempt on the Republican candidate, Trump reiterated his commitment to attend the Bitcoin conference in Nashville, Tennessee. On Tuesday, as the largest cryptocurrency broke through $65,000, BTC price predictions showed a strong bullish rebound.
David Bailey, CEO of Bitcoin Magazine and organizer of the event, assured the cryptocurrency community that Trump is “in good spirits” and will speak at the event.
Meanwhile, the “yes” stock in the Polymarket presidential election contract was trading at 72 cents, indicating that market sentiment is rising in favor of Trump winning the election over incumbent President Joe Biden.
If Polymarket's investor forecasts are positive, earnings per share would be $1.
The Republican Party selected Ohio Republican Senator JD Vance as Trump's running mate. Vance is known for his strong belief in cryptocurrencies and is said to own Bitcoin.
BTC Price Prediction: Will the $100,000 Milestone Be Reached by 2024?
The MVRV Z-score is a measure of how undervalued or overvalued a market is. According to on-chain insights from CryptoQuant and shared by XBTManager, “There are two key levels to consider here,” the analyst continued. “The indicator broke below the 0 level and tested the 365-day SMA, finding support.”
This level of the MVRV-Z score suggests that Bitcoin price has found strong support, which indicates a “possible bottoming and continuation of the next move.” As the indicator recovers from the oversold region, the BTC price prediction could rebound to a new all-time high of $100,000.
Another on-chain indicator with a similarly bullish outlook is the NVT ratio, which is primarily used to locate local bottoms and tops. When the ratio rises above 2.2, it signals a possible market top or euphoria.
On the other hand, when the NVT value falls below -1.6, it indicates a possible local bottom. The current NVT ratio remains below -1.6, suggesting that Bitcoin has bottomed. If the bulls find solid support at $65,000, a move above $70,000 is on the cards in July.
Key indicators supporting the uptrend
Bitcoin is holding above $64,000 after testing the $65,000 resistance. If the correction continues due to lack of sufficient liquidity, the 50-day exponential moving average (EMA) at $62,464 will absorb the selling pressure.
Despite facing resistance at $65,000, the moving average convergence divergence (MACD) gave a buy signal, adding credibility to the uptrend.
If profit-taking outweighs the bullish pressure, other EMAs including the 20-day and 200-day will offer support at the $60,645 and $58,333 areas.
Inflows into Bitcoin ETFs and other AUM products indicate growing interest in Bitcoin this week, according to recent Bitcoin price predictions.
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