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Amid the recent rally that Bitcoin (BTC) experienced earlier this week, several well-known cryptocurrency analysts appear bullish on the largest crypto asset, providing multiple positive predictions for BTC in the short and long term.
Bitcoin set to hit $60,000 mark
One of the famous crypto analysts who recently shared exciting and positive predictions for Bitcoin is Ali Martinez. Martinez, known for his enthusiasm for cryptocurrency, took to the social media platform X (formerly Twitter) to share his projections with the community.
Analyst prediction digs deeper Market Value to Realized Value (MVRV) ratio price range for Bitcoin. Ali Martinez looked at historical patterns seen during previous bull markets that could send the price of BTC skyrocketing.
According to him, the historical trend now appears to be showing in Bitcoin's MVRV chart. He claimed that the BTC price has recovered from the average MVRV level at $40,500, which is in a similar shape to that seen in the current market.
He added that with this shape, it is possible that Bitcoin will rise in the direction of the 1.0 standard deviation line. For this reason, Martinez expects the BTC price to reach a new yearly high of $60,000.
The message said:
We are currently seeing a similar trend. With the recent rebound in average MVRV to $40,500, it is possible that BTC could reach the 1.0 standard deviation line at $60,000.
Martinez's latest Bitcoin analysis has since sparked new sentiment from the crypto community towards the digital asset. His predictions came in light of BTC seeing a rally, taking its price to $43,000 starting Tuesday, January 30.
Investors and traders are now closely monitoring these events in hopes of identifying future opportunities in the BTC market. This also suggests the introduction of new investors and traders into BTC.
In another post Underlines the emergence of new Bitcoin addresses. He noted that approximately “67 new entities” now hold 1,000 BTC and above, indicating “a 4.50% increase in two weeks.”
Analyst weighs in on BTC price action
Negentropic, the co-founder of Glassnode, revealed its latest projections for BTC price action. Negentropic reported that a large liquidity pool for long positions formed when Bitcoin crossed $42,200, suggesting “neutral momentum.”
This action points to BTCThe plan to break the $42,000 liquidity barrier, which could lead to more changes and volatility in the market. He further noted that as a result of this action, liquidations totaling “$659 million” took place.
Furthermore, as optimism grows, he expects short position liquidations could reach a whopping $1 billion. As a result, this will position the market for a possible uptrend.
Currently, Bitcoin price is trading at $42,979, representing an increase of over 7% over the past week. However, its market capitalization and trading volume are each down 1%, according to CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the views of NewsBTC on whether to buy, sell or hold investments and, naturally, investing involves risks. You are advised to carry out your own research before making any investment decision. Use the information provided on this website entirely at your own risk.
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