Here’s Why This Crypto Analyst Believes Bitcoin Is At A ‘Prime Buy Zone’
06 Maggio 2024 - 5:00PM
NEWSBTC
Crypto analyst Ali Martinez has revealed that it may still be an
excellent time to accumulate Bitcoin. This comes amidst the
flagship crypto’s recent price recovery, with the crypto token
skyrocketing above $64,000. Bitcoin Is Still In A “Prime Buy
Zone” Martinez mentioned in an X (formerly Twitter) post that
Bitcoin’s Market Value to Realized Value (MVRV) 90-day ratio
indicates that it is still in a “prime buy zone” despite its recent
price surge from $57,000 to $64,000. The MVRV is a metric used to
determine whether a crypto token is undervalued or
overvalued. Related Reading: Cardano Comeback: Analyst
Reveals Why It’s Time To Get Back Into ADA Source: X Based
on Martinez’s findings, Bitcoin looks to be currently undervalued,
which presents a good opportunity to accumulate the crypto token.
The analyst’s revelation undoubtedly provides reassurance for those
who failed to buy the dip and are looking for a perfect entry to
invest in Bitcoin. Interestingly, Bitcoin whales didn’t waste
time accumulating during Bitcoin’s recent decline, as Bitcoinist
reported that these investors bought 47,500 BTC ($2.8 billion)
between May 2 and 3. However, the MVRV ratio being at that level
suggests that many of these whales are investors adding to their
positions, meaning that significant buying pressure shouldn’t be
expected anytime soon. Crypto analyst Michaël van de Poppe
also recently suggested that Bitcoin is still undervalued. He noted
that the crypto token is back above $60,000, and retail isn’t here
yet. He mentioned in another X post that these retail investors
won’t return until the summer, which means that everyone currently
positioning themselves is still early. BTC Almost Ready For
Next Leg Up Crypto analyst Mikybull Crypto recently hinted that
Bitcoin is almost ready for another parabolic rally. He stated that
Bitcoin’s local bottom is in considering that the “next liquidity
grab interest is above.” He added that Bitcoin will first “clear
out the $67,000 level and consolidate in preparation for the
$73,000 level. Related Reading: Fantom Revival: Crypto
Analyst Predicts A Jump To $1.2 For FTM Price Source: X Meanwhile,
the analyst revealed in another X post that Bitcoin has “finally
experienced a MACD (Moving Average Convergence/Divergence) bullish
cross” on the daily chart, just like it did in January 2024, which
led to the crypto token rising to as high as $73,000 in March.
According to Mikybull Crypto, Bitcoin reclaiming above the 50-day
Moving Average will “further confirm the bullish continuation.” For
those looking to long Bitcoin, Mikybull Crypto remarked that the
$64,000 range is an “ideal zone” to do so. He predicts that Bitcoin
might clear out the CME gap between $62,580 and $64,105 before
consolidating at around $64,000. At the time of writing,
Bitcoin is trading at around $65,300, up over 2% in the last 24
hours, according to data from CoinMarketCap. BTC price falls
from $65,000 to $63,000 | Source: BTCUSD on Tradingview.com
Featured image from The Independent, chart from Tradingview.com
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