Distinguished crypto analyst Burak Kesmeci has tipped Bitcoin (BTC) to hit a value goal of $124,000 based mostly on knowledge from the Golden Ratio Multiplier value mannequin. This bullish prediction comes after a formidable value surge prior to now week, hinting that the premier cryptocurrency might have extra room for fast value progress.
Can Bitcoin Return To 1.6x Accumulation Peak Goal?
In an X post on April 26, Burak Kesmeci shared the newest updates on the Bitcoin Golden Ratio Multiplier value mannequin, referencing knowledge from Bitcoin Journal Professional. For context, the Golden Ratio Multiplier mannequin makes use of transferring averages and Fibonacci ratios to assist determine when BTC may be overvalued or undervalued, thereby signaling attainable market tops or good accumulation alternatives.
In keeping with the chart beneath, Bitcoin has lately retested the 350 day by day transferring common (350DMA) at $77,000. Because the identify implies, the 350DMA tracks BTC’s common value during the last 350 days and acts as a key assist zone. Touching or briefly dipping beneath this degree typically alerts a possible long-term shopping for alternative.
Bitcoin lately rebounded off its 350DMA, after a value dip to $75,000 was adopted by two subsequent value rallies to commerce as excessive as $96,000.
According to the value bands on the Golden Multiplier ratio, BTC is now headed for 1.6x Accumulation Excessive, i.e, 1.6 occasions the 350 DMA, which is at the moment at $124,000. Subsequently, regardless of the continued value consolidation, BTC is more likely to produce one other value rally based mostly on the Golden Multiplier ratio value mannequin.
Apparently, when Bitcoin strikes close to or above this degree, it typically alerts the top of an accumulation part and the beginning of a stronger bullish development. Subsequently, BTC reaching the $124,000 would solely pave the best way for additional value positive factors in keeping with the lofty targets of some market analysts.
BTC Miners Achieve $18.60 Million In Revenue
In different information, one other prime crypto analyst, Ali Martinez, reports that miners have lately capitalized on Bitcoin’s spectacular value rally, realizing almost $18.60 million in income as costs surged previous $94,000.
This realized revenue spike highlights that early miners are strategically taking income at these excessive value ranges. Nonetheless, it’s value noting that Bitcoin retains a powerful bullish momentum regardless of this promote strain, fueled by a number of components, together with sturdy inflows into spot ETFs.
On the time of writing, BTC is valued at $94,393, reflecting a value decline of 0.76% prior to now day.
Featured picture from Investopedia, chart from Tradingview
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