Experts have predicted that Bitcoin (BTC), the world’s largest cryptocurrency, is set for a substantial price increase in the coming weeks. Matrixport, a leading provider of cryptocurrency financial services, has projected a target of $36,000 for Bitcoin, based on an imminent technical breakout amidst a positive market outlook.

Matrixport’s analysis shows that Bitcoin is trading within a narrowing triangle formation, which is near to breaking to the upside. This signals a strong rally and implies a potential move higher by around 6,100 points, leading to a target of $36,000.

The positive market outlook is being fuelled by the popularity of meme coins among retail investors, as well as stock buybacks by major corporations providing a boost to the broader market. Matrixport have highlighted that Bitcoin could see a price increase of up to 20% from current levels, setting a target of $35,000 to $36,000 for Bitcoin.

Furthermore, in spite of a recent decline in trading volume, the path higher for Bitcoin only has limited resistance, with transactions on the network reaching new all-time highs and the number of active addresses remaining robust.

In January 2023, Bitcoin’s market-value-to-realized-value (MVRV) ratio broke the 1 level in an upward direction, indicating a considerable increase in its price due to substantial accumulation in both the spot and derivatives markets. CryptoQuant’s researcher, “Onchained”, has highlighted that when the MVRV ratio breaks the 1.5 level, the 365-day simple moving average (365DSMA) becomes flattened before changing direction upward.

Currently, Bitcoin’s MVRV has been fluctuating between 1.55 and 1.45 this month and it appears that BTC is experiencing the trend of the MVRV breaking the 1.5 level. If Bitcoin breaks the $30,000 level in the future, the MVRV ratio is expected to change direction, shifting to a range of values between 1.8 and 2.

All signs point to Bitcoin potentially having a strong bullish rally ahead, driven by a positive market outlook and technical analysis. Bitcoin could see a significant price increase of up to 20% from current levels leading to a target of $35,000 to $36,000. This could be driven by a potential breakout in the market, making this an important time for the world’s largest cryptocurrency.



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