Expert Predicts: If Bitcoin Reclaims This Key Support Level, BTC Price Is ‘Likely’ to Hit $76,610, But There’s a Catch

2024-5-13 14:30

Bitcoin faces a critical juncture as it approaches key price levels, according to market analyst Ali from @ali_charts.

“If #Bitcoin can reclaim $64,290 as support, it is likely to rise towards $76,610. However, if it fails to surpass $64,290, $BTC might retest support at $51,970,” Ali predicts. This forecast hinges on Bitcoin’s ability to maintain momentum and overcome key resistance points.

Bitcoin Price Prediction

Analysis of Ali’s chart show that Bitcoin’s market price exceeded its realized price, suggesting a bullish sentiment among investors. Notably, Bitcoin encountered the +1.0 standard deviation (SD) line on the MVRV ratio bands in late 2023, hinting at a potential overbought market. 

Moreover, by January 2024, the price retreated below this line, signaling a cooling-off period. As of May 2024, the alignment of market and realized prices near the mean MVRV ratio indicates a normalization of market value, which could stabilize volatility.

Analyzing BTC’s daily chart, Bitcoin’s trading patterns and volume fluctuations provide deeper market insights. The price peaked at approximately $73,000 in late March before experiencing a pullback.

Additionally, the Relative Strength Index (RSI) at 49.29 and a negative MACD value reflect a neutral to slightly bearish market sentiment. These indicators suggest that Bitcoin may continue to oscillate within the $60,000 to $63,000 range until a market catalyst emerges.

BTCUSDT daily price chart Source: TradingView Market Projections and Strategic Implications

The current stabilization of Bitcoin’s price around critical MVRV ratio bands might reduce future volatility. A potential breach above the +1.0 SD line could revive bullish trends, while a drop below the mean could signify bearish developments. Investors should closely monitor these indicators to gauge market temperature effectively.

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Bitcoin’s journey through these critical price levels will be decisive for its short-term performance and long-term valuation. As the market shifts, understanding these technical nuances might be essential for traders.

Read also: Dormant Bitcoin Wallet from 2011 Moves $30,000,000 Worth of BTC

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The post Expert Predicts: If Bitcoin Reclaims This Key Support Level, BTC Price Is ‘Likely’ to Hit $76,610, But There’s a Catch appeared first on CaptainAltcoin.

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Bitcoin (BTC) на Currencies.ru

$ 75585.13 (-1.11%)
Объем 24H $63.458b
Изменеия 24h: -0.16 %, 7d: 7.72 %
Cегодня L: $75545.13 - H: $76678.74
Капитализация $1495.01b Rank 1
Цена в час новости $ 63155.36 (19.68%)

bitcoin 610 ali price likely key support

Источник: captainaltcoin.com

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