Bitcoin
Here’s Why This Crypto Analyst Believes Bitcoin Is In A ‘Prime Buy Zone’
Crypto Analyst Ali Martinez revealed that it could still be an excellent time to accumulate Bitcoin. This occurs amid the main cryptocurrencies recent price recoverywith the crypto token soaring above $64,000.
Bitcoin is still in a “prime buying zone”
Martinez mentioned in an X (formerly Twitter) publish what From Bitcoin Market Value to Realized Value (MVRV) 90-day ratio indicates that it is still in a “primary buy zone” despite its recent price increase from $57,000 to $64,000. MVRV is a metric used to determine whether a cryptographic token is undervalued or overvalued.
Source: X
Based on Martinez’s findings, Bitcoin appears to be currently undervalued, which presents a good opportunity to accumulate the cryptographic token. The analyst’s revelation undoubtedly gives peace of mind to those who were unable to buy at the dip and are looking for a perfect entry to invest in Bitcoin.
Interestingly, Bitcoin Whales wasted no time accumulating during Bitcoin’s recent decline, as Bitcoinist reported that these investors purchased 47,500 BTC ($2.8 billion) between May 2nd and 3rd. However, the MVRV index at this level suggests that many of these whales are investors adding to their positions, meaning significant buying pressure should not be expected anytime soon.
Crypto Analyst Michael van de Poppe also recently suggested that Bitcoin is still undervalued. He noted that the crypto token is above $60,000 and retail is not there yet. He mentioned in another X post that these retail investors will only return in the summer, meaning that everyone currently taking positions is still early days.
BTC almost ready for the next step
Mikybull Crypto Crypto Analyst recently suggested that Bitcoin is almost ready for another parabolic rally. He stated that the local Bitcoin fund is considering that “the interest of the next liquidity capture is above”. He added that Bitcoin will first “clear the $67,000 Level and consolidate in preparation for the $73,000 level.
Related Reading: Fantom Revival: Crypto Analyst Predicts a Jump to $1.2 in FTM Price
Source: X
Meanwhile, the analyst revealed in another X post that Bitcoin “finally experienced a bullish MACD (Moving Average Convergence/Divergence) cross” on the daily chart, just as it did in January 2024, which led to the crypto token rising to as high as up to $73,000 in March. According to Mikybull Crypto, Bitcoin’s recovery above the 50-day moving average “will further confirm bullish continuation.”
For those who want to buy Bitcoin, Mikybull Crypto commented that the $64,000 range is a “sweet spot” for this. He predicts that Bitcoin can clear the CME Gap between $62,580 and $64,105 before consolidating at around $64,000.
At the time of writing, Bitcoin is trading at around $65,300, up more than 2% in the last 24 hours, according to data from CoinMarketCap.
BTC price falls from $65,000 to $63,000 | Source: BTCUSD on Tradingview.com
Featured image from The Independent, chart from Tradingview.com