New Bitcoin Forecast from a Successful Analyst: “If History Repeats, BTC Has Upside Potential in the Short Term!”

Leading cryptocurrency Bitcoinfell to $ 38,000 due to the declines that started after the ETF approval.

However, after these declines, it started to recover. BTC It rose to over $43,000. Successful analyst while investors expect a big rise from BTC before the upcoming halving Ali MartinezA positive analysis came from .

Drawing attention to a historical pattern experienced in past bull markets in Bitcoin, Martinez stated that BTC points to a strong recovery potential.

At this point, the analyst stated that $ 40,500 is an important level and pointed out that BTC started to rise in the past as it returned from the level of $ 40,500.

BTC price, average MVRV Emphasizing that a similar model has already emerged with its return from its level of $ 40,500, Martinez said that this is a positive indicator for Bitcoin.

Underlining that similar situations have occurred in past bull cycles, the analyst said that BTC has a strong upward potential and pointed to $ 60,000.

“In past bull markets, Bitcoin rebounded strongly after touching the average MVRV price band.

Now we are witnessing a similar picture. With the recent bounce of the average MVRV at 40,500, BTC has the potential to rise to the 1.0 standard deviation line at $60,000!”

Apart from Martinez, other analysts also expect the rise in Bitcoin prices to continue as we approach the fourth Bitcoin halving in April 2024.

During past bull markets, #Bitcoin rebounded strongly after touching the mean MVRV pricing band.

We’re witnessing a similar pattern now. With the recent bounce from the mean MVRV at $40,500, there’s potential for $BTC to surge to the 1.0 standard deviation line at $60,000! pic.twitter.com/mHXI5R3BSP

— Ali (@ali_charts) January 30, 2024

*This is not investment advice.