James Chick.”
In his post to his X followers, Chick noted that Bitcoin prices are currently in line with fundamentals, based on a variety of volume metrics.
He added that the market is now in a similar position to what it was in late 2020.
In December 2020, Bitcoin prices rose to an all-time high of $20,000, and stabilized around that level for two weeks before rising to a new peak of $30,000 by New Year's Day.
In the current session, Bitcoin prices have risen close to their peak of $73,738 in mid-March, but have encountered resistance there, indicating positive momentum and the possibility of entering a price discovery zone.
Czech stated:
Only seven days in history have seen a close above the $71,000 level, which shows that we are breathing new air here.
He pointed out that achieving a new highest level is rarely successful the first time, stressing that the period of accumulation and repeated attempts is normal.
The network value to transactions (NVT) ratio indicates that Bitcoin's price is in line with the throughput of transactions across the network, similar to late 2020 conditions.
In addition, the short-term SOPR indicator shows that the market is excited but not euphoric, indicating a potential upside.
