On-Chain Metrics Suggest Bitcoin Could Reach $120,000 If Support Holds
Bitcoin has seen a price increase of over 37.5%, rising from below $75,000 to as high as $105,490 recently. Analyst Ali Martinez predicts a potential peak at $120,000 before the bull cycle concludes.
CVDD Metrics Indicate Potential $120k Peak
- Cumulative Value Days Destroyed (CVDD) measures long-term holder activity.
- A surge in CVDD reflects profit-taking, signaling overheated market conditions.
- The current CVDD value is $34,154, with projections indicating an upper band around $120,000.
- Key support level identified at $90,000 for sustaining bullish momentum.
Current Bitcoin Price Overview
- Bitcoin currently trades at $103,573, with a 0.09% gain in the last day.
- Daily trading volume has decreased by 17.92%, suggesting reduced market participation.
- Next resistance level noted at $105,000; a close above $107,000 is critical for positive developments.
- Bitcoin Spot ETFs reported a net inflow of $1.81 billion in the past week.
- Bitcoin's market cap stands at $2.04 trillion, representing 62.8% of the crypto market.
