According to a popular crypto analyst on the X platform, Bitcoin price could be ready for a fresh rally beyond its current all-time high. However, the analyst has identified a crucial resistance level that could determine the fate of the leading cryptocurrency in the short term.
$67,300 could be crucial for BTC price – here’s why
In a new post on X, well-known crypto expert Ali Martinez has provided an exciting prediction for Bitcoin price over the next few weeks. This optimistic forecast is based on the Market Value to Realized Value (MVRV) price bands, which allow users to estimate price levels where the market would show an extreme unrealized profit (high values) or unrealized loss (low values).
These price levels are relevant because they signal where certain investor behaviors, such as profit-taking, risk-taking, or capitulation, are most likely to be triggered. Ultimately, the MVRV Price Bands metric is a useful indicator in price analysis, especially for identifying cycle lows and highs.
Source: Ali_charts/X
According to Martinez, the MVRV Price Bands have identified the $67,300 area as one of the most significant resistance areas for Bitcoin price. The crypto analyst revealed that overcoming this major resistance could lay the foundation for the leading cryptocurrency to rise above $80,500.
Usually, breaking this resistance level is not only a sign of strong bullish momentum but can also trigger fresh buying from retail and institutional investors. In a separate post on X, Martinez revealed a crucial signal that could reveal when Bitcoin price returns to bullish territory.
According to the crypto expert, BTC could resume its bull run after a golden cross between the MVRV ratio and its 365-day simple moving average (SMA). A golden cross is a bullish signal used in technical analysis when a short-term moving average crosses a long-term moving average from below.
A strong signal that #Bitcoin is back in bullish territory would be a golden cross between the MVRV ratio and its 365-day SMA! pic.twitter.com/H4IUZe1VVT
— Ali (@ali_charts) 24 August 2024
However, it is worth noting that Bitcoin price has struggled to maintain its upward momentum in recent months. According to data from CoinGecko, the market leader is currently 12.6% below its record high of $73,737 reached in mid-March. A rise to $80,500 – a new all-time high – would represent a 25% recovery from the current price point.
Bitcoin price at a glance
At the time of writing, Bitcoin price remains around $64,000, up just 0.7% from the last day.
The price of Bitcoin thickens around the $64,000 mark on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image by iStock, chart by TradingView
