Bitcoin reached a new high, surpassing $73,000, thanks to a historic influx of funds into spot exchange-traded funds (ETFs). This extraordinary rise reassured investors after a minor correction at the beginning of the week. With each price increase, investors and analysts eagerly await the next major target of Bitcoin’s rise. Currently, all eyes are on the $80,000 level, which could pose a psychological barrier for the BTC price; However, bullish indicators show that Bitcoin has the potential to exceed this level and has ambitions to reach even higher targets.
This rise of Bitcoin can be considered a turning point in the cryptocurrency market. In recent months, institutional adoption of Bitcoin has increased, while major companies and financial institutions have increased interest in cryptocurrencies. The increase in fund flow, especially through ETFs, can be considered a concrete indicator of this interest. This could accelerate the transition from traditional financial markets to crypto assets and enable Bitcoin to reach a wider audience of investors.
A popular tool used to measure the value of Bitcoin indicator, indicating that the cryptocurrency’s journey may continue towards $80,000, with $83,000 set as the next important target. According to crypto analyst Ali Martniez, Bitcoin’s next key price target determined by MVRV Pricing Bands is $83,035. This indicator is based on the “Market Value to Realized Value” (MVRV) ratio, which is created by dividing the market value of Bitcoin by the realized value.
According to the #Bitcoin MVRV Pricing Bands, the next key price target for $BTC is $83,035! pic.twitter.com/Qc8QA62LmZ
NEWS CONTINUES BELOW— Ali (@ali_charts) March 12, 2024
According to current estimates, there are approximately 36 days left until the Bitcoin halving event, which is likely to take place in April. Expectations are increasing before this event, which is seen as an increase for the Bitcoin price.
According to the analyst, after the 2012 Bitcoin halving event, BTC reached its peak in 367 days. In 2016, it reached the market peak in 526 days, whereas after the 2020 halving event, it took 547 days for BTC to reach the market peak. Ali concludes that historical patterns suggest Bitcoin may still be a long way from reaching its market top, but he doesn’t rule out minor declines along the way.
You can follow the current price movement here.
