CandleFocus Analyst Predicts Bitcoin Bull Run: MVRV Metric Hints At $95K To $120K Target
2024-11-05
Author: Content Editor
The Bitcoin price has garnered attention from analysts and investors as it approaches the upcoming US election. Analyst CoinLupin has analyzed Bitcoin's Market Value to Realized Value (MVRV) ratio, which currently stands at around 2. The MVRV ratio reflects Bitcoin's market value compared to its on-chain realized value, and an upward trend suggests further growth potential. If the Realized Value remains constant, a price increase of 43% to 77% would be needed for Bitcoin to reach an MVRV level between 3 and 3.6, indicating a potential price target range of $95,000 to $120,000. Despite a recent price dip, Bitcoin's daily trading volume has increased.
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