{"id":611173,"date":"2024-06-03T17:00:23","date_gmt":"2024-06-03T17:00:23","guid":{"rendered":"https:\/\/uniquehot.com\/?p=611173"},"modified":"2024-06-11T07:02:32","modified_gmt":"2024-06-11T07:02:32","slug":"crypto-analyst-bitcoin-79600-if-this-holds","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/crypto-analyst-bitcoin-79600-if-this-holds\/","title":{"rendered":"Crypto Analyst Says Bitcoin Will Rise To $79,600 If This Holds"},"content":{"rendered":"

An analyst has explained how Bitcoin will “likely rise to test” the $79,600 level if BTC can hold above this important level of a pricing model.<\/p>\n

Next Bitcoin MVRV Pricing Band Is Currently Valued At $79,600<\/h2>\n

In a new post<\/a> on X, analyst Ali Martinez has talked about where BTC’s next destination could be based on an on-chain pricing model. The model uses the popular “Market Value to Realized Value<\/a>” (MVRV) indicator.<\/p>\n

This metric tells us how the value that the Bitcoin investors hold right now (that is, the market cap) compares against what they put in (the realized cap<\/a>).<\/p>\n

Related Reading: Ethereum Investors Take On Sky-High Leverage: Brace For Volatile Storm?<\/a><\/div>\n

When the value of this indicator is greater than 1, it means that the holders as a whole are carrying a value higher than their initial investment; that is, they are in net profits. On the other hand, the MVRV being less than this threshold implies that the overall market is underwater at the moment.<\/p>\n

There are a couple of pricing models based on this metric, but in the context of the current discussion, the “MVRV extreme deviation pricing bands” are of interest.<\/p>\n

This model’s standard deviations around the MVRV mean signify the relevant price levels. Below is a chart that shows how these levels currently look for Bitcoin.<\/p>\n

\"Bitcoin
The important price levels according to this pricing bands model | Source: @ali_charts on X<\/a><\/figcaption><\/figure>\n

As the graph shows, Bitcoin is currently trading above the +0.5\u03c3 pricing band. At the price level corresponding to this 0.5\u03c3 level ($66,800 right now), BTC’s MVRV value becomes 0.5 standard deviations above its mean value.<\/p>\n

According to this model, the next level of interest is the +1\u03c3, where the MVRV is 1 standard deviation over its mean. The price level at which the MVRV ratio would satisfy this condition is $79,600.<\/p>\n

Historically, tops in the cryptocurrency have tended to form when the price breaches past this MVRV pricing band level. From the chart, it’s visible that BTC surpassed this level earlier in the year when it set its new all-time high, which continues to be the peak of the rally so far.<\/p>\n

Related Reading: Bitcoin \u2018Realized Volatility\u2019 Showing Very Rare Trend: What Could Be Next<\/a><\/div>\n

Ali suggests that if Bitcoin can continue to hold above $66,800 (the +0.5\u03c3 pricing band level), the asset will “likely rise to test the 1.0\u03c3 pricing band at $79,600.” A potential rally to this level would imply an increase of more than 14% for BTC from its current price.<\/p>\n

Why do tops tend to be more probable to happen above the +1\u03c3 MVRV pricing band? The reason could lie in the fact that when the MVRV attains values this high, the investors are holding considerable profits, so they are more likely to participate in a mass selloff<\/a>.<\/p>\n

BTC Price<\/h2>\n

Bitcoin witnessed a retest of the +0.5\u03c3 pricing band earlier, but the level has continued to hold so far, as the coin has rebounded to $69,500 since then.<\/p>\n

\"Bitcoin
Looks like the price of the coin has shot up over the past day | Source: BTCUSD on TradingView<\/a><\/figcaption><\/figure>\n
Featured image from Dall-E, Glassnode.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

An analyst has explained how Bitcoin will “likely rise to test” the $79,600 level if BTC can hold above this important level of a pricing model. Next Bitcoin MVRV Pricing Band Is Currently Valued At $79,600 In a new post on X, analyst Ali Martinez has talked about where BTC’s next destination could be based on an on-chain pricing model. The model uses the popular “Market Value to Realized Value” (MVRV) indicator. This metric tells us how the value that the Bitcoin investors hold right now (that is, the market cap) compares against what they put in (the realized cap). Related Reading: Ethereum Investors Take On Sky-High Leverage: Brace For Volatile Storm? When the value of this indicator is greater than 1, it means that the holders as a whole are carrying a value higher than their initial investment; that is, they are in net profits. On the other hand, the MVRV being less than this threshold implies that the overall market is underwater at the moment. There are a couple of pricing models based on this metric, but in the context of the current discussion, the “MVRV extreme deviation pricing bands” are of interest. This model’s standard deviations around the MVRV mean signify the relevant price levels. Below is a chart that shows how these levels currently look for Bitcoin. As the graph shows, Bitcoin is currently trading above the +0.5\u03c3 pricing band. At the price level corresponding to this 0.5\u03c3 level ($66,800 right now), BTC’s MVRV value becomes 0.5 standard deviations above its mean value. According to this model, the next level of interest is the +1\u03c3, where the MVRV is 1 standard deviation over its mean. The price level at which the MVRV ratio would satisfy this condition is $79,600. Historically, tops in the cryptocurrency have tended to form when the price breaches past this MVRV pricing band level. From the chart, it’s visible that BTC surpassed this level earlier in the year when it set its new all-time high, which continues to be the peak of the rally so far. Related Reading: Bitcoin \u2018Realized Volatility\u2019 Showing Very Rare Trend: What Could Be Next Ali suggests that if Bitcoin can continue to hold above $66,800 (the +0.5\u03c3 pricing band level), the asset will “likely rise to test the 1.0\u03c3 pricing band at $79,600.” A potential rally to this level would imply an increase of more than 14% for BTC from its current price. Why do tops tend to be more probable to happen above the +1\u03c3 MVRV pricing band? The reason could lie in the fact that when the MVRV attains values this high, the investors are holding considerable profits, so they are more likely to participate in a mass selloff. BTC Price Bitcoin witnessed a retest of the +0.5\u03c3 pricing band earlier, but the level has continued to hold so far, as the coin has rebounded to $69,500 since then. Featured image from Dall-E, Glassnode.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":611262,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,84723,92495,679,6848,92494,6481,1119,1144],"class_list":["post-611173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-mvrv","tag-bitcoin-mvrv-pricing-bands","tag-bitcoin-price","tag-bitcoin-price-prediction","tag-bitcoin-pricing-bands","tag-bitcoin-rally","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nCrypto Analyst Says Bitcoin Will Rise To $79,600 If This Holds<\/title>\n<meta name=\"description\" content=\"An analyst has explained how Bitcoin will "likely rise" to the $79,600 level if BTC can hold above this important level of a pricing model.\" 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Analyst Says Bitcoin Will Rise To $79,600 If This Holds","url":"http:\/\/uniquehot.com\/news\/crypto-analyst-bitcoin-79600-if-this-holds\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/crypto-analyst-bitcoin-79600-if-this-holds\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/btc.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/btc.png?fit=1792%2C1024"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin mvrv","bitcoin mvrv pricing bands","bitcoin price","bitcoin price prediction","bitcoin pricing bands","bitcoin rally","btc","btcusd"],"dateCreated":"2024-06-03T17:00:23Z","datePublished":"2024-06-03T17:00:23Z","dateModified":"2024-06-11T07:02:32Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto Analyst Says Bitcoin Will Rise To $79,600 If This Holds\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/crypto-analyst-bitcoin-79600-if-this-holds\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/crypto-analyst-bitcoin-79600-if-this-holds\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/btc.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/btc.png?fit=1792%2C1024\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin mvrv\",\"bitcoin mvrv pricing bands\",\"bitcoin price\",\"bitcoin price prediction\",\"bitcoin pricing bands\",\"bitcoin rally\",\"btc\",\"btcusd\"],\"dateCreated\":\"2024-06-03T17:00:23Z\",\"datePublished\":\"2024-06-03T17:00:23Z\",\"dateModified\":\"2024-06-11T07:02:32Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/btc.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/611173"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=611173"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/611173\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/611262"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=611173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=611173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=611173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}