Crypto trader and analyst Ali Martinez, also known on social media as @ali_charts, has posted a new price prediction for Bitcoin, the most popular cryptocurrency in the world, on the X/Twitter social media network.
He revealed fresh statistics and stated that he believes Bitcoin will first aim for $52,680 and then $70,250.
New Bitcoin key price targets emerge
Martinez stated that the next price goals for the most popular cryptocurrency worldwide are $52,680 and $70,250 based on readings from the Bitcoin MVRC Pricing Bands.
https://x.com/ali_charts/status/1742170508206932028?s=20
The market capitalization and realised capitalization of a coin were compared using the MVRV indicator. The MVRV ratio aids traders in identifying market tops and bottoms by providing information about whether the price of a cryptocurrency is fair at the moment through this comparison. Furthermore, MVRV has shown to be a useful statistic in the past for identifying local peaks and bottoms during the first three Bitcoin halvenings.
Leading analyst expects Bitcoin to test $48,000-$51,000
Leading cryptocurrency expert Michael van de Poppe tweeted that Bitcoin, the digital gold, has begun 2024 with a surge towards all-time highs. According to him, Bitcoin will keep moving in the direction of the $48,000–$51,000 price range before running into possible opposition.
The world’s most popular cryptocurrency has seen a sharp increase in price over the last 24 hours, rising over 7% to $45,695 and adding roughly $3,000 in a single day.
https://x.com/CryptoMichNL/status/1742087393920835815?s=20
Spot Bitcoin ETFs may get approved this week
The SEC regulator has until the end of this week to accept spot Bitcoin ETF applications submitted by about a dozen prominent Wall Street firms, which is what’s responsible for the phenomenal rise in the price of Bitcoin. In his tweet, Michael van de Poppe also alluded to this and questioned whether it may actually occur before Saturday.
These financial behemoths include the fund management firms BlackRock, Fidelity, Ark Invest, and VanEck; together with a number of other Wall Street funds, they all filed applications to become spot Bitcoin exchange-traded funds last year.
The primary driver of the anticipated surge in Bitcoin prices this year is the SEC’s possible approval of Bitcoin ETFs. It’s commonly accepted that the anticipated halving of Bitcoin in April of this year would be the second significant factor driving more price hikes in 2024.
