Bitcoin Could Reach $140,000 If It Holds Above $117,000
Bitcoin (BTC) has shown a bullish trend over the past week, with a 12% price increase. The price reached nearly $124,000 before a slight drop to $122,070. Analyst Ali Martinez highlights the significance of the MVRV pricing bands for BTC's potential movements.
Price Insights and Key Levels
- The MVRV metric evaluates BTC's market versus realized price, indicating overvaluation or undervaluation.
- The +0.5σ band at $117,644 is a crucial support level; staying above it could lead BTC to $140,000.
- A dip below this band often signals corrections or resets.
- The next resistance is around $139,800 (+1σ), where profit-taking may occur.
- A decline below +0.5σ could push BTC to $95,394, marking a 21.8% drop.
Realized Price and Market Health
- Glassnode data shows BTC's realized price at $54,348, reflecting its last average transaction price.
- The gap between the current spot price ($122,000) and the realized price indicates a strong bull phase.
- Most holders have substantial unrealized gains, supporting long-term market confidence.
- Currently, BTC is valued at $122,197 with a 0.3% daily decline, and trading volume down by 55.52%.
