Bitcoin To $92,190: Crypto Analyst Reveals Path To ATH Target
30 Abril 2024 - 1:30PM
NEWSBTC
An analyst has explained what path Bitcoin might need to follow to
surge to a new all-time high (ATH) target of $92,190. Bitcoin Needs
To Breach This Resistance Barrier To Rise To New ATH In a new
thread on X, analyst Ali discussed whether the BTC price has hit
the top. The one signal the analyst has pointed out that may point
towards the top has been the massive scale of profit-taking that
the market has seen recently. Related Reading: Bitcoin Dominance:
Traders Preferring The OG To Dogecoin & Other Altcoins Ali is
waiting for another confirmation before the top can be confirmed.
In the scenario that the top gets validated, these are the targets
the analyst has marked based on on-chain data. The distribution of
UTXOs across the various price levels | Source: @ali_charts on X
The above chart shows the Bitcoin UTXO Realized Price Distribution
(URPD) data from Glassnode, which tells us how many coins were last
bought at what price levels. Generally, the cost basis is an
important level for any investor, so they are likely to show some
reaction when a retest of it happens. This reaction is the largest
when many investors share their cost basis around the same level.
When this retest happens from above, the holders may respond by
buying more, as they could see the drop as a dip opportunity. As
such, large cost basis zones below the current price can prove to
be centers of support. “If the market top is confirmed, BTC could
drop toward $51,530 or even $42,700!” notes Ali, given that these
two levels are the next major support lines for the coin. The
analyst says, however, that if BTC can instead break the $66,250
level, which is a source of major resistance right now since these
loss holders may be desperate to exit at their break-even, then
this bearish outlook could become invalidated. An on-chain pricing
model could provide some hints about what might happen when such a
break occurs. The trend in the MVRV Pricing Bands for BTC over the
past few years | Source: @ali_charts on X The Market Value to
Realized Value (MVRV) Pricing Bands is a model that, in short,
tells us about where the different multipliers of the average cost
basis of the entire market currently lie. The chart shows that the
market cost basis is currently at $28,800. Historically, three
multipliers of this metric have been relevant for the asset: 0.8x,
2.4x, and 3.2x. The 0.8x level is where bottoms occur, while the
3.2x line is a probable spot for tops to form. Bull rallies in
proper have occurred after a breach of the 2.4x level. At present,
the 2.4x level lies at $69,150. “By rising above $66,250, Bitcoin
will gain the strength to push towards $69,150. And if this
resistance barrier is breached, BTC can advance toward a new
all-time high of $92,190,” explains Ali. Related Reading: This
Bitcoin Metric Foreshadowed Recent Price Drops, Quant Reveals This
ATH target is based on the fact that the 3.2x level is equivalent
to $92,190 at the moment. It remains to be seen whether the top is
already in and BTC would retest the lower levels or if more is left
to this rally. BTC Price At the time of writing, Bitcoin is trading
at around $61,100, down more than 7% over the past week. Looks like
the price of the coin has plunged over the past day | Source:
BTCUSD on TradingView Featured image from Shutterstock.com,
Glassnode.com, chart from TradingView.com
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