bitcoin-push-beyond-50000-era-hope-what-comes-next/” rel=”nofollow”>Cryptographic analyst Ali Martínez has revealed that it may still be an excellent time to accumulate bitcoin. This comes amidst flagship cryptocurrencies. recent price recoverywith the crypto token soaring above $64,000.
bitcoin is still in a “privileged buying zone”
Martínez mentioned in an x (formerly twitter) x.com/ali_charts/status/1787243113381052681″ rel=”nofollow”>mail that bitcoin-mvrv-suggests-rally-may-have-more-room-grow/” rel=”nofollow”>bitcoin market value compared to realized value (MVRV) The 90-day ratio indicates that it is still in a “insider buying zone” despite its recent price rise from $57,000 to $64,000. The MVRV is a metric used to determine whether a crypto token is undervalued or overvalued.
<img decoding="async" class="alignnone size-medium wp-image-606757" src="https://technicalterrence.com/wp-content/uploads/2024/05/Here39s-why-this-crypto-analyst-believes-Bitcoin-is-in-a.png" alt="bitcoin” width=”460″ height=”259″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_6c464a.png?w=512 512w, https://technicalterrence.com/wp-content/uploads/2024/05/Here39s-why-this-crypto-analyst-believes-Bitcoin-is-in-a.png 460w” sizes=”(max-width: 460px) 100vw, 460px” loading=”lazy” data-recalc-dims=”1″/>
Source: x
Based on Martínez's findings, bitcoin appears to be currently undervalued, which presents a good opportunity to accumulate the crypto token. The analyst's revelation certainly provides peace of mind to those who failed to buy the dip and are looking for a perfect entry into investing in bitcoin.
Curiously, bitcoin-whales-go-shopping-purchase-6-16-billion/” rel=”nofollow”>bitcoin whales Wasted no time accumulating during the recent bitcoin crash, like Bitcoinist bitcoin-whales-lead-massive-2-8-billion-purchase/” rel=”nofollow”>reported that these investors bought 47,500 btc ($2.8 billion) between May 2 and 3. However, the fact that the MVRV ratio is at that level suggests that many of these whales are investors adding to their positions, meaning that significant buying pressure should not be expected in the short term. .
Cryptographic analyst bitcoin-150000-40-correction/” rel=”nofollow”>michael van de poppe also recently x.com/CryptoMichNL/status/1787372779228020828″ rel=”nofollow”>He suggested that bitcoin is still undervalued. He noted that the crypto token is back above $60,000 and retail trading is yet to arrive. He mentioned in another x.com/CryptoMichNL/status/1786825620493664431″ rel=”nofollow”>x publication that these retail investors won't return until the summer, meaning it's still early days for everyone currently positioning.
btc almost ready for the next step
crypto Analyst Mikybull crypto recently x.com/MikybullCrypto/status/1787396839387357443″ rel=”nofollow”>implied that bitcoin is almost ready for another parabolic rally. He stated that the local bitcoin fund is considering that the “next liquidity raising interest is up.” He added that bitcoin will first “clean up the $67,000 level and consolidate in preparation for the $73,000 level.
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<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-606756 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/05/bitcoin-2.png?w=460&resize=460%2C261″ alt=”bitcoin 2″ width=”460″ height=”261″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/05/bitcoin-2.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/05/bitcoin-2.png?w=460&resize=460%2C261 460w” sizes=”(max-width: 460px) 100vw, 460px” data-recalc-dims=”1″/>
Source: x
Meanwhile, the analyst revealed in another x.com/MikybullCrypto/status/1787092774740705328″ rel=”nofollow”>x publication that bitcoin “finally experienced a bullish MACD (moving average convergence/divergence) crossover” on the daily chart, just as it did in January 2024, leading the crypto token to rise to as bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>up to $73,000 in March. According to Mikybull crypto, bitcoin's recovery above the 50-day moving average “will further confirm bullish continuation.”
For those looking to invest heavily in bitcoin, Mikybull crypto x.com/MikybullCrypto/status/1787396845993340944″ rel=”nofollow”>commented that the $64,000 range is an “ideal zone” to do so. Predicts that bitcoin could eliminate the bitcoin-might-not-dip-to-9600-to-fill-the-cme-gap/” rel=”nofollow”>CME Gap between $62,580 and $64,105 before consolidating at around $64,000.
At the time of writing, bitcoin is trading at around $65,300, up more than 2% in the last 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
x/Uv2uDrEy/” alt=”Tradingview.com bitcoin Price Chart” width=”3286″ height=”1576″/>
btc price falls from $65,000 to $63,000 | Source: BTCUSD on Tradingview.com
Featured image from The Independent, chart from Tradingview.com
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