Rally

Bitcoin

April

<img width="1200" height="800" src="https://coingape.com/wp-content/uploads/2023/12/bitcoin-trading-volume-1-e1703804146984.jpg" class="attachment-full size-full wp-post-image" alt="Bitcoin BTC" decoding="async" style="float:right; margin:0 0 10px 10px;">
<p>The world’s largest cryptocurrency Bitcoin (BTC) has shown a strong move upwards of $43,000 amid strong inflows in Bitcoin ETFs, and a strong drop in <a href="https://coingape.com/gbtc-outflows-slow-down-under-200-million-a-day-btc-price-shoots/" target="_blank" rel="noopener">GBTC outflows</a> over the past week. This has created an upward price pressure on Bitcoin.</p> 
<h3 id="bullish-signal-for-bitcoin-price-rally">Bullish Signal for Bitcoin Price Rally</h3> 
<p>In a recent analysis, crypto analyst Ali Martinez highlights a historical pattern observed during past bull markets, indicating a potential strong rebound for Bitcoin ($BTC). A similar pattern has emerged in the current market as the BTC price bounces back from the mean MVRV level at $40,500.</p> 
<p>Martinez also suggests that, based on this observed pattern, there is potential for BTC to experience a surge toward the 1.0 standard deviation line, reaching an estimated price of $60,000. Traders and investors shall closely monitor these developments closely for potential opportunities in the Bitcoin market.</p> 
<figure id="attachment_177604" aria-describedby="caption-attachment-177604" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-177604" src="https://coingape.com/wp-content/uploads/2024/01/Bitcoin-BTC-MVRV-level.jpeg" alt="" width="1199" height="675" srcset="https://coingape.com/wp-content/uploads/2024/01/Bitcoin-BTC-MVRV-level.jpeg 1199w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-BTC-MVRV-level-300x169.jpeg 300w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-BTC-MVRV-level-768x432.jpeg 768w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-BTC-MVRV-level-678x381.jpeg 678w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-BTC-MVRV-level-150x84.jpeg 150w" sizes="(max-width: 1199px) 100vw, 1199px">
 <figcaption id="caption-attachment-177604" class="wp-caption-text">
  Courtesy: <a rel="nofollow" href="https://twitter.com/ali_charts/status/1752310189741506699" target="_blank">Ali Martinez</a>
 </figcaption>
</figure> 
<h3 id="what-s-next-for-btc">What’s Next for BTC?</h3> 
<p>Market analysts expect the Bitcoin price rally to continue going ahead as we approach the fourth Bitcoin halving ahead in April 2024. Furthermore, a <a href="https://coingape.com/tether-usdt-supply-on-exchanges-jumps-4-is-market-correction-over/" target="_blank" rel="noopener">strong supply of Tether (USDT)</a> stablecoin on the exchange suggests growing buying power among investors that can boost the BTC price going ahead.</p> 
<p>Macroeconomist and crypto analyst Henrik Zeberg expressed his anticipation for the upcoming “greatest crypto rally ever” in a <a rel="nofollow" href="https://twitter.com/HenrikZeberg/status/1751349215471493404" target="_blank">tweet</a>, predicting a surge in bullish sentiment and a return of euphoria and excitement reminiscent of previous market highs. In a conversation with WTFinance, Zeberg further elaborated on this outlook, stating that the recent developments observed in the cryptocurrency market are expected to persist throughout 2024. He added:</p> 
<blockquote>
 <p>“The stock market and the crypto markets should keep moving up higher. Bitcoin should reach $100,000 to $150,000. We should also see the S&amp;P 500 reach 6,100 which has been my target since a year and a half ago,” Zeberg said. “All these things are still playing out. So to me, there are no changes, this is the blow-off top.”</p>
</blockquote> 
<p>It will be interesting to see whether the Bitcoin price moves straight up from here or faces a pullback before rallying to the north.</p> 
<p>The post <a href="https://coingape.com/bitcoin-btc-price-eyes-60000-target-as-per-mvrv-pricing-band/">Bitcoin (BTC) Price Eyes $60,000 Target As Per MVRV Pricing Band</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Bitcoin (BTC) Price Eyes $60,000 Target As Per MVRV Pricing Band

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