As optimism steadily increases in the market, the goal is to take a closer look at BTC鈥檚 impressive breakout above the $93,257 mark, analyze the positive sentiment driving its climb, and assess the potential for continued upward strength in the market.

Bullish Indicators: What鈥檚 Fueling BTC鈥檚 Uptrend?

Currently, on the 4-hour chart, BTC is sustaining its position after successfully surpassing the $93,257 mark while trading above the 100-day Simple Moving Average (SMA). By maintaining its position above this level and the 100-day SMA, BTC demonstrates resilience and capability for more price growth, targeting new highs.

An analysis of the 4-hour Relative Strength Index (RSI) shows a significant surge, climbing to 70% from its previous low of 56%, indicating strong bullish pressure for BTC. While this increase signals growing positive market sentiment, it raises concerns about the rally’s sustainability since a price correction could occur if profit-taking ensues.

Bitcoin is showing strong positive movement after breaking past the $93,257 level, supported by a rise above the 100-day SMA, reflecting sustained bullish strength and potential for continued upward movement. The fact that BTC is consistently above the 100-day SMA suggests a solid trend and that the bulls are eager to push prices higher, possibly leading to an extended growth if pressure continues to build.

Finally, the RSI on the daily chart is currently at 81%, well above the key 50% threshold, signaling a strong uptrend for Bitcoin. With the RSI at this level, it suggests that the upside pressure is likely to continue, which means that Bitcoin’s price could keep rising in the near term, as there are no signs of a reversal or decline.

What The $93,257 Breakout Signals For Bitcoin

The $93,257 breakout opens the door to a more optimistic future outlook for Bitcoin. This key resistance level has been decisively breached, suggesting that BTC may continue its upbeat momentum, potentially targeting higher price levels such as the $100,000 mark and beyond.

However, careful monitoring is essential for any signs of resistance or market corrections that could hinder its ascent. Should such a scenario occur, Bitcoin鈥檚 price could begin to drop toward the $93,257 mark. A break below this level might trigger further declines, possibly testing additional support levels in the process.

Bitcoin Price To Reach $139,000 Based On Previous Election Cycles

In an X post, TechDev predicted that the Bitcoin price could reach $139,000 in this bull run based on previous election cycles. In 2012, the Bitcoin price was $10 on election day, and a year later, BTC witnessed a 22.7x increase as it rallied to $245. In 2016, Bitcoin was $710 on election day and then recorded a 10.12x increase as it rallied to $7,200.聽

Meanwhile, in 2020, the Bitcoin price was at $13,588 on election day. Then, it witnessed a 4.51x increase and rallied to $61,300 a year later. The analyst highlighted a pattern whereby Bitcoin鈥檚 price replicates its increase from the previous cycle plus an additional 44.5% surge, which led to Bitcoin鈥檚 price a year after the US elections.聽

Based on this, TechDev noted that the BTC price could reach $139,000 if it replicates its 4.51x increase from the previous cycle plus an additional 44.5% surge. Bitcoin was trading at $69,400 on the day of the US presidential elections earlier this month.聽

The US presidential elections have historically been bullish for the BTC price as the flagship crypto always hits new highs after every election cycle. It is also worth mentioning that Bitcoin never dropped below its price on election day. Moreover, this election cycle looks more bullish than others, considering the US now has its first-ever pro-crypto president.聽

The Bitcoin price has reacted positively to Donald Trump鈥檚 victory, continuing to pump since Trump defeated Kamala Harris. The flagship crypto is now eyeing the $100,000 milestone, having surged over 37% since the start of this month.聽

What Happens Next When BTC Hits The $100,000 Milestone

Crypto analyst Ali Martinez has provided insights into what could happen next after the BTC price hits the $100,000 milestone. In an X post, the analyst said that Bitcoin鈥檚 price action looks like it did in December 2020. He added that the Relative Strength Index is also nearly identical to the one in December 2020.聽

If Bitcoin is to replicate the price action from that period, Martinez predicts that the Bitcoin price will rally to $108,000 after it hits $100,000 and then drop to $99,000 before it continues its uptrend and further rally to $135,000. Coincidentally, this comes close to TechDev鈥檚 target of $139,000 for Bitcoin.聽

At the time of writing, the Bitcoin price is trading at around $97,000, up over 5% in the last 24 hours, according to data from CoinMarketCap.聽

#1 US Strategic Bitcoin Reserve Trade

Following Donald Trump’s victory in the US presidential election, market sentiment has shifted significantly. The initial “Trump trade” has evolved into the “US Bitcoin Reserve Trade,” fueled by speculation that President-elect Trump may establish a Strategic Bitcoin Reserve (SBR). This follows his pledge at the Bitcoin 2024 conference in Nashville.

Industry insiders like David Bailey, CEO of BTC Inc and a Trump campaign advisor, and Dennis Porter, CEO of Satoshi Act Fund, have hinted at the possibility of the SBR becoming a reality. Both have urged that the SBR be established within the first 100 days of Trump’s presidency through an executive order. They warn of the United States potentially falling behind in the global race to accumulate BTC.

Bailey revealed on November 9, “There is at least one nation-state that has been actively acquiring Bitcoin and is now a top 5 holder. Hopefully, we hear from them soon.” He emphasized his certainty with a meme, indicating his information is based on knowledge rather than speculation. Mike Novogratz, CEO of Galaxy Digital, confirmed in a recent interview with Bloomberg TV that “countries are already buying BTC in huge volumes.”

The “US Bitcoin Reserve Trade” is expected to continue until Trump’s inauguration on January 20. It remains to be seen whether Trump will follow through on his promises, potentially moving over 208,000 BTC confiscated by law enforcement into the reserve or even adopting Senator Cynthia Lummis’ Bitcoin Act proposal to purchase 1 million BTC over five years.

#2 Potential Appointment Of A ‘Crypto Czar’

A leak on Wednesday suggests that President-elect Trump’s team is in discussions about creating a new White House position dedicated solely to Bitcoin and crypto policy. Sources familiar with the transition efforts indicate that candidates are being vetted for this role.

If established, it would be the first-ever Bitcoin and crypto-specific White House position, underscoring the influence the nascent industry stands to wield in the incoming administration. It is unclear whether the role will be a senior White House staff position or a “crypto czar” overseeing policy and regulation across the federal government. Crypto industry advocates are pushing for the role to have a direct line to Trump – a massive news for the entire industry.

The introduction of Bitcoin ETF options has had a significant impact on the market. BlackRock’s iShares BTC Trust (IBIT) ETF options, launched on November 19, 2024, saw an unprecedented $1.9 billion in notional exposure on their first day of trading. Bloomberg ETF expert James Seyffart stated, “Final tally of IBIT’s 1st day of options is just shy of $1.9 billion in notional exposure traded via 354k contracts. 289k were Calls & 65k were Puts. That’s a ratio of 4.4:1. These options were almost certainly part of the move to the new Bitcoin all-time highs today.”

Jeff Park, Head of Alpha Strategies at Bitwise Invest, recently highlighted the game-changing nature of Bitcoin ETF options:

With the approval by the SEC to list and trade Bitcoin ETF options, we are on the verge of witnessing the most extraordinary upside ‘vol’ of ‘vol’ in financial history. For the first time, Bitcoin’s notional value will be ‘fractionally banked’ with ETF options. This marks the most monumental advancement possible for the crypto market.

Park explained that Bitcoin ETF options provide a regulated market where the Options Clearing Corporation (OCC) protects clearing members from counterparty risks, allowing Bitcoin’s synthetic notional exposure to grow exponentially. He emphasized that this could lead to an explosive recursive effect on Bitcoin’s price due to unique volatility characteristics and the “volatility smile.”

If there were one thing to read today re the game-changing nature of Bitcoin ETF options, read (and bookmark) this one for 2025 – it’s going to be wild. pic.twitter.com/On2DmUsbHX

鈥?Jeff Park (@dgt10011) September 20, 2024

The latest rally has also been driven by significant activity in the spot market. Heavy spot bids have propelled the price higher, with yesterday’s BTC ETF inflows being a crucial factor. Inflows amounted to $773.4 million, with BlackRock contributing $626.5 million, Fidelity $133.9 million, Bitwise $9.2 million, and ARK Invest $3.8 million. Over the past three days, US spot Bitcoin ETFs have purchased a staggering $1.856 billion worth of Bitcoin.

Good morning,

Yesterday’s Bitcoin ETF flows were positive for $773.4 million.

Blackrock did $626.5 million, Fidelity $133.9 million. (BTC the mini-ETF is still missing data)

Price slowly climbing higher from $92K up to $97k now. Shitcoins are getting slaughtered.

source:鈥?pic.twitter.com/WMYIj7WiYj

鈥?WhalePanda (@WhalePanda) November 21, 2024

The total net asset value of US Bitcoin spot ETFs has exceeded $100 billion. Twelve Bitcoin ETFs, including those from BlackRock and Fidelity, were issued in January and have reached this milestone in just ten months.

At press time, BTC traded at $96,920.

His analysis is consistent with Bernstein’s long-term projection, which serves to bolster the notion that Bitcoin may experience substantial growth in the years ahead.

These predictions have investors and analysts alike anxiously anticipating Bitcoin’s next significant move, as the market is currently in flux.

Decreasing Exchange Reserves May Indicate A Supply Shock

The consistent decline in Bitcoin reserves on exchanges is one of the most noteworthy trends identified by Crypto Rover. Despite the increasing price of Bitcoin, an increasing number of investors are transitioning their holdings to private wallets.

For the first time in #Bitcoin history, the balance of $BTC on exchanges is dropping during a bull run.

This cycle is different.

A MASSIVE SUPPLY SHOCK IS COMING. pic.twitter.com/Yw5ZSJ4l0z

鈥?Crypto Rover (@rovercrc) November 18, 2024

This transition underscores an increasing preference for security over liquidity, particularly in light of persistent concerns regarding cyberattacks and breaches.

As the quantity of Bitcoin on exchanges declines, there could be an upcoming disturbance. Less coins for trading suggest that demand would soon exceed supply, which would cause prices to rise significantly. This tendency questions the conventional market dynamics, which usually show reserves rising in bull markets.

Bernstein’s $200K Target And Rover’s Bull Flag

A bull flag pattern is forming on the price charts of Bitcoin, as revealed by Rover’s technical analysis. This pattern frequently indicates the continuance of an upward trend. Rover predicts that Bitcoin may shortly surpass the $200,000 threshold if it surpasses critical resistance levels, as indicated by this pattern.

Bernstein analysts further align with this positive sentiment as they reaffirm their Bitcoin price target to reach $200,000 in 2025. Bernstein’s price objective of $100,000 is increasingly plausible, and the long-term forecast of achieving $200,000 by 2025 is gathering momentum, given that Bitcoin is already trading at approximately $92,000.

Daily Crypto Movers Nov. 19

鈥itcoin to $200K as Bernstein predicts a 2025 bull run 鈥icroStrategy adds 4.6B BTC at 88K avg 鈥oldman Sachs launches tokenized products

Learn more#Bitcoin #CryptoNews #KuCoin

鈥?KuCoin (@kucoincom) November 19, 2024

They attribute this potential increase to a variety of factors, such as the favorable political and regulatory conditions for Bitcoin, which are notably prevalent under a pro-crypto U.S. administration.

Strong technical indicators combined with declining exchange reserves point to Bitcoin about to undergo a major comeback, which would be advantageous for investors. Little changes in demand could cause significant price swings as liquidity drops. This creates risks as well as possibilities, hence a careful plan and timing are especially important.

Bernstein also points out as a major influence the larger political terrain. Under the direction of incoming President Donald Trump especially, they hope that an atmosphere better suited for Bitcoin’s growth would help to drive its expansion even further.

Featured image from Pexels, chart from TradingView

Why Bitcoin Could Rise To $138,000 And Crash After

In an X post, Martinez alluded to historical trends to explain why the Bitcoin price could rally first to $138,000 and then crash by 30% after. He stated that during the 2017 bull market, Bitcoin surged 156% past its previous all-time high (ATH) before the first major correction of 39%. Similarly, BTC rallied 124% in the 2020 bull run before it witnessed a 32% correction.

If history were to repeat itself, Martinez predicts that the Bitcoin price could rally to at least $138,000 before experiencing its first major pullback. Bitcoin has cooled off in the last few days following its parabolic rally after Donald Trump won the US presidential elections. However, the analyst recently mentioned what needed to happen for the flagship crypto to break above $100,000 and possibly reach this $138,000 target.聽

He stated that the BTC price needs to achieve a sustained daily close above $91,900 to invalidate its bearish outlook at the moment and rally to $100,680. This came as he explained why Bitcoin could witness a price correction soon enough. Martinez noted that the greed index was currently at its peak, which is usually bearish for the Bitcoin price since investors could be overleveraging their positions, leading to a massive flush.聽

Meanwhile, in his most recent X post, Ali Martinez indicated that this Bitcoin price rally above $100,000 would happen before the significant price correction. This time, he upped his target to $150,000, stating that the breakout could happen the next day or two before the 30% price correction.聽

Price Could Double From Previous ATH In Next Three Weeks

Crypto analyst Kevin Capital predicted that the Bitcoin price could double in the next three weeks. He noted that in every Bitcoin cycle after BTC broke its previous ATH, the crypto went into price discovery and doubled its price in four to six weeks. According to Kevin, BTC is 45% to 50% away from doubling its price from the previous ATH of $73,000 and is on week three of price discovery.聽

Related Reading: Dogecoin Large Transactions Surge 41% With 35% Uptick In Daily Addresses, Will Price Follow?

The analyst stated that if the BTC price doesn鈥檛 record this 45% to 50% rally in the next three weeks, it is technically underperforming previous bull markets. However, it is worth mentioning that this cycle is the only one in which the Bitcoin price has reached a new ATH before the halving event, which took place earlier this year.聽

At the time of writing, the Bitcoin price is trading at around $91,900, up in the last 24 hours, according to data from CoinMarketCap.

The observation of this bullish symmetrical triangle was highlighted on the social media platform X by the crypto analyst known as Stockmoney Lizards, who is also credited with developing the Satoshimeter indicator.

Symmetrical Triangle Points To A Bitcoin Price Breakout

A symmetrical triangle is formed when a descending resistance line and an ascending support line converge, indicating a period of consolidation. As the price approaches the apex of this formation, it typically breaks out in the direction of the prevailing trend.聽

In the case of Bitcoin, the Bitcoin price action on the daily candlestick timeframe has been one of a series of lower highs and higher lows for about the past week. This formation has led to the Bitcoin price trading in an increasingly tightening range, which is ultimately going to breakout in either direction.聽

For Bitcoin, the existing uptrend suggests a potential breakout above the upper trendline of the symmetrical triangle, which is just below $91,000. To confirm such a breakout, analysts look for a spike in trading volume and at least two consecutive closes beyond the trendline.

Commenting on this setup, the Stockmoney Lizards stated, “The current setup suggests a potential breakout to the next level. All eyes are on 100k. This is when retail investors will crush the candy store and the real fun will start.”聽

Such a breakout, if confirmed, could lead Bitcoin to establish new highs above the six-digit threshold of $100,000, which in turn would trigger a wave of inflows into other cryptocurrencies.

Next Bitcoin Price Target: $100,000

The psychological milestone of $100,000 has been a focal point for Bitcoin enthusiasts and analysts since the beginning of this bull cycle. Notably, the calls for a $100,000 price target have been even more pronounced since the Bitcoin price broke above its March high of $73,737 earlier this month.聽

At the time of writing, Bitcoin is trading at $91,770, having reached an intraday high of $92,653 in the past 24 hours. This means it has effectively broken out of the symmetrical triangle since Stockmoney Lizards’ technical analysis. Interestingly, the analyst highlighted this breakout in an update to his analysis.

Now that the breakout of the symmertical triangle has been effectively confirmed, it remains to be seen whether the Bitcoin price can reach the coveted $100,000 price mark before the end of November. All indicators point to go, with the demand for Bitcoin currently far outpacing the supply.

if the US Strategic Bitcoin Reserve happens prepare for 7 figure bitcoin. this cycle. the market is skeptical on meaningful follow through for now, so that is not at all priced in.

鈥?Adam Back (@adam3us) November 18, 2024

The bold prediction sparked discussions among industry experts and enthusiasts. James Van Straten, a noted crypto analyst, responded, “7 figures? I don鈥檛 think I鈥檓 mentally prepared for 6.” Acknowledging the market’s doubt, Back replied, “That’s a fairly big ‘if’ though. At least if we infer from market price, the market thinks a US Strategic Bitcoin Reserve is unlikely. If that becomes real, I’d expect a rapid repricing.”

Can Bitcoin Rise To $1 Million Per Coin?

The conversation highlights the market’s skepticism regarding the feasibility of the US government accumulating such a significant Bitcoin reserve. Van Straten, like other experts, suggested that a nation might consider “front-running” this potential scenario, to which Back noted, “There’s no good way to buy 1 million BTC other than very, very quietly. Even then, once it leaks, the entire world gets FOMO and a price teleport happens.”

Portal, a custodyless interoperability protocol for Bitcoin, weighed in on the discussion via X: “If the US starts one, surely the rest of the world will start to follow suit as well.” This sentiment underscores the potential global ripple effect of a US-initiated SBR on Bitcoin adoption and valuation.

Skepticism was also voiced by X user AndyLiteMan (@LiteAndy), who critiqued Back’s astronomical prediction: “As much as that would be exciting, it鈥檚 not going to happen. We hear this every cycle.” Back maintained his position, emphasizing the conditional nature of his prediction: “I said ‘if,’ and that market doesn’t believe it so far.”

Adding another layer to the unfolding narrative, Dennis Porter, CEO and founder of the Satoshi Act Fund鈥攁 US nonprofit advocating for Bitcoin adoption鈥攃laimed on November 18 that Donald Trump’s team is considering an executive order to establish a national SBR, as Bitcoinist reported. “I’ve heard that the Trump team is considering an Executive Order for a National ‘Strategic Bitcoin Reserve’ in order to beat any state from passing it into law first,” Porter disclosed via X. “I can confirm that US Senate offices are backing this plan up. Game on President Trump. The race is on.”

Porter, deeply involved in legislative efforts surrounding Bitcoin adoption, noted that his information stems from “private conversations with people familiar” with the matter and his direct involvement in promoting SBR language across the United States and internationally.

Notably, it is crucial to distinguish between the proposals being discussed. Porter’s reference to Trump’s consideration pertains to an executive order that would establish a national SBR. This contrasts with Trump’s previous suggestion at the Bitcoin 2024 conference to create a strategic Bitcoin reserve by retaining all “seized coins” obtained through law enforcement actions.

Furthermore, Republican Senator Cynthia Lummis has introduced the Bitcoin Act, which proposes the US government purchase 1 million BTC over five years, allocating 200,000 BTC per year. Addressing this legislative initiative, Back commented on a Polymarket prediction market screenshot showing a 36% chance for “Will Trump create a national Bitcoin reserve?” He clarified, “Optimistic IMO and depends on what they mean. ‘Not selling seized coins’ is very different from Senator Lummis’ SBR bill to buy 1 million BTC.”

The latter could send the Bitcoin price skyrocketing. Back highlighted the logistical challenges of such a substantial acquisition: “There’s no good way to buy 1 million BTC other than very, very quietly. Even then, once it leaks, the entire world gets FOMO and a price teleport happens.”

At press time, BTC traded at $92,329.

Bitcoin Bullish Pennant Could Send Price To $113,000

In an X post, Trader Tardigrade mentioned a bullish pennant that had formed on the Bitcoin chart. The analyst remarked that the BTC price is still preparing for the next pump with this bullish pattern. A bullish pennant indicates the continuation of an uptrend following a brief consolidation period.聽聽

Trader Tardigrade said that the Bitcoin consolidation within the Pennant looks really healthy and good. He added that the Bitcoin price is climbing to the apex now and will make a breakout soon enough. In line with this, the analyst stated that the short-term target for the Bitcoin price remains $113,000.聽

In a more recent X post, Trader Tardigrade noted that BTC closed its weekly candle close to its current all-time high (ATH) at $93,000. The analyst stated this is a significant sign, confirming the breakout candles from long-consolidating ranges. He added that he has noticed that the strength of the uptrend isn鈥檛 decreasing, which confirms that this is the beginning of the bull run.聽

Based on historical trends, the analyst recently predicted that the Bitcoin price could rise to as high as $462,000 in this market cycle. He explained that massive bull runs have ended between Fibonacci extensions 1.618 and 2.272. Therefore, BTC could reach $173,000 at Fib extension 1.618 and rally to $462,000 if it reaches Fib extension 2.272.聽

BTC Could Witness A Significant Price Correction First

In an X post, crypto analyst Ali Martinez outlined several reasons why Bitcoin could be about to suffer a steep correction. Firstly, he stated that crypto enthusiasts are feeling extremely greedy at the moment. This greed is said to have spilled over retail investors as there has been a significant spike in Google search interest for Bitcoin.聽

Secondly, the analyst mentioned that BTC聽investors have realized over $5.42 in profits, which puts the Bitcoin price at risk of facing significant selling pressure if these investors decide to secure some of these profits now. From a technical perspective, Martinez also noted that the TD Sequential has presented a sell signal on the BTC daily chart.聽

Meanwhile, the Relative Strength Index (RSI) signals that Bitcoin is currently overbought. If this BTC price correction happens, Martinez stated that the key support walls to watch are between $83,250 and $85,800 and between $72,880 and $75,520. However, the analyst added that a sustained daily close above $91,900 would invalidate this bearish Bitcoin outlook and would trigger a breakout to $100,680.聽

Bitcoin Golden Ratio Multiplier Indicates Price Is Going Higher

In an X post, CryptoCon highlighted how the Bitcoin Golden Multiplier Ratio indicates that the price is going much higher. He cited level 5 of the Golden Ration Multiplier, which he claimed is dual-purpose for the mid-top and cycle top. The analyst mentioned that Bitcoin formed the mid-top at level 5 in March earlier this year when it reached its previous all-time high (ATH) of $73,000.聽

CryptoCon further mentioned that it seems likely that Bitcoin will hit this level again before this market cycle is over. The analyst added that the level 5 band has increased to $122,000, and it is still climbing. In line with this, he remarked that the party is just getting started, indicating that the Bitcoin rally could still rally way higher and even reach this $122,000 target.聽

In an earlier X post, CryptoCon also used the Magic Bands indicator to provide insights into Bitcoin鈥檚 price action and how high it could reach in this bull run. He said Bitcoin is racing to meet level 3 of the Magic Bands at $98,720. He added that the bands are set to rapidly expand to the upside as they adjust for the volume beyond the ATHs.聽

Based on this, the analyst said that the cycle top target is now $134,000 and that the Bitcoin price could gain $1,000 weekly. CryptoCon remarked that he anticipates the cycle top sometime in late 2025. That means there is a lot of time for the bands to expand to higher prices, indicating that the Bitcoin price could rise higher.聽

BTC Primed To Reclaim Local Highs

Crypto analyst CrediBULL Crypto stated that the Bitcoin price looks primed to move to the local highs as long as the $87,700 level isn鈥檛 breached. The analyst also mentioned that a clear and impulsive move above the local highs at $93,800 would send Bitcoin above $100,000, making the possibility of dropping to $72,000 unlikely until the next bear market.聽

However, if that clear and impulsive move doesn鈥檛 happen, CrediBull Crypto stated that it would imply that the move is corrective and makes the odds of retesting the range between $70,000 and $72,000 exponentially higher. He suggested that BTC could even drop below $70,000.聽

At the time of writing, the Bitcoin price is trading at around $91,200, up almost 4% in the last 24 hours, according to data from CoinMarketCap.聽

Amidst the current market euphoria, CryptoQuant analyst Amr Taha has shared some market insights that may indicate an impending price fall.

Bitcoin Enters Profit-Taking Zone – Sell Or HODL?

In a Quicktake post on Friday, Amr Taha stated many investors may be preparing for a cash-out as the Bitcoin MVRV ratio reached 2.64. Generally, the Market Value to Realized Value is a trading indicator used to measure whether an asset is overvalued or undervalued or to identify market tops or bottoms.

Amr Taha explains that a Bitcoin MVRV ratio above 2 indicates that investors currently hold significant amounts of unrealized gains and are likely to commence profit-taking. However, historical data from late 2021 and early 2022, shows that profit-taking occurs as the Bitcoin MVRV ratio moves into a range of 2.5-3.5, and is accompanied by significant corrections.

Following the Bitcoin price surge over the past few weeks, an MVRV ratio of 2.64 presents substantial potential for a major price correction, despite the minor price drops in the past few days. This sentiment is further backed by the asset鈥檚 relative strength index (RSI), which remains in the overbought zone.聽

However, Ama Taha further explains that Bitcoin may sometimes only form a major market top when the MVRV ratio reaches as high as 4. Therefore, at 2.64, the premier cryptocurrency may still sustain its current upward price trajectory, if bullish market momentum persists. The analyst advises that investors monitor the MVRV ratio as a rise towards 3 would signal the potential for further price gains while a decline to a range of 1.5-2 indicates a local market top is forming.

Short-Term Holders Realized Cap Hits $30 Billion

In addition to Bitcoin鈥檚 alarming MVRV ratio, Taha also noted that short-term holders have now accumulated a realized market cap of over $30 billion, a level last observed in March 2024. The CryptoQuant analyst stated Bitcoin has historically undergone significant price corrections whenever the STH realized cap reached similar levels, signaling another warning for investors of a potential price dip.

At the time of writing, Bitcoin is trading at $91,738 with a 3.97% gain in the past 24 hours. However, the asset鈥檚 trading volume is down by 7.42% and is valued at $80.73 billion.