Popular cryptocurrency analyst Ali Martinez shared with investors a necessary condition for the Bitcoin (BTC) price to experience a significant rise in the coming weeks. It is a matter of curiosity whether the Bitcoin price will return to its all-time high (ATH). Martinez's statements offer important clues to investors.
Fall Expectation in Bitcoin
Ali Martinez stated that Bitcoin is currently at +0.5 Standard Deviation (SS) according to the MVRV extreme deviation pricing band chart. At this level, the price of Bitcoin is fixed at $66,800. However, at lower standard deviations, Bitcoin's price may tend to decline.
If the standard deviation falls by 0.5 from the current level, Bitcoin could decline to $41,250.94. Bitcoin, which has not retested this low since February of this year, could fall as low as $28,480.25 if the standard deviation shifts to 1 in the worst-case scenario. However, in a positive scenario, the price is expected to rise as high as $79,591.03.
Rising Factors in BTC
There is more power pressure on Bitcoin and this affects the price. Unexpected outflows from BlackRock, Fidelity Investments and Grayscale's spot Bitcoin ETF products could create stagnation in the price. However, these outflows may not negatively affect the value of the token.
Bitcoin, the most preferred digital currency among Wall Street investors, is following a trend opposite to the prediction that the spot Ethereum ETF will be approved by the SEC, as noted by Michael Saylor. The SEC gave the green light to these products in May, and it is thought that the Bitcoin price may continue the trend in the coming weeks.
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