CandleFocus Bitcoin Forms Golden Cross with MVRV Ratio, Analysts Expect Further Uptrend to $148K
2024-10-30
Author: Content Editor
Bitcoin has formed two golden cross patterns on its chart, with analysts predicting further upward movement. Crypto Rand believes that the recent golden cross, similar to one in late 2023, could push Bitcoin's price to around $148,000 in the coming months. Ali Martinez also sees bullish signs, with Bitcoin's Market Value to Realized Value (MVRV) Ratio crossing above its 365-day moving average, indicating that market participants are accumulating Bitcoin at a faster rate. Martinez suggests that Bitcoin may be on the verge of a major rally, similar to previous instances where the MVRV Ratio crossed its SMA. Despite recent highs, market veteran Peter Brandt argues that Bitcoin still has room to grow, predicting a top of $135,000. The upcoming U.S. presidential election could potentially catalyze a breakout for Bitcoin.
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