Close Menu
ADVERTISE

Bitcoin Price Expansion Potential is a Key Metric of Bitcoin

Bitcoin By
Shiba Inu SHIB Price Prediction After Bitcoin Halving.webp
Shiba Inu SHIB Price Prediction After Bitcoin Halving.webp

Takeaways from the conference:

  • Bitcoin’s MVRV and STH data as well as other technical indicators indicate that BTC is heading towards $117,000.

  • Analysts say that BTC could reach new highs if it breaks above the $109,000-110,000 mark.

BitcoinBTCSince,,,, ), has traded in the a “well-defined” The range has been increasing over the last six months, as traders are anticipating a possible breakout.  

The cost basis of the STH, as well as other Onchain indicators point towards a possible upward breakout to $117,000 and higher.

Bitcoin price eyes $117,000 next

Data from shows that since January, Bitcoin prices have generally fluctuated between $78,000 and $100,00. Cointelegraph Markets Pro The following are some examples of how to get started: TradingView.  

The following is a “well-defined” According to the on-chain analytics platform Glassnode, there are bands that represent short-term holders (STH) costs. The STH cost base is the average price at which investors have purchased Bitcoin in less than 155 day.

Related: Bitcoin profit-taking makes $140K key BTC price point: Research

In May, the price reached its upper limit of $112,000 when it was at its highest. current all-time high. In the short-term, BTC will probably rise to $117,000 if it retests the line.

“The upper boundary of the STH cost basis was tested only once in late May and currently stands at $117,113,” Market intelligence is a firm that provides market information. said Additions to a 2 July post at X

“This level can be seen as the upper band of the short-term price action.”

Bitcoin cost-basis bands. Glassnode is a source for Bitcoin short-term cost basis bands.

BTC is undervalued, according to MVRV, which measures the value of an asset. room for further expansion Before the MVRV upper band of around $123,000 reaches the extreme value.

Bitcoin: MVRV extreme deviation pricing bands. Glassnode is a source for Bitcoin.

What is the price of BTC?

Rekt capital, a popular analyst and trader shows how Bitcoin has already returned to its multi-month trendline.

“How many more rejections from the daily downtrend line before Bitcoin finally breaks out?” He askedYou may wonder if the rejection level is slipping.

The accompanying chart showed that the $109,000 trendline is now an important breakout level.

“Bitcoin needs a daily close above and retest of the downtrend line as support to confirm the breakout.”

BTC/USD chart for the day. Source: Rekt Capital

Jelle is a colleague analyst opined Bitcoin will explode once it closes over the upper limit of an bull flag At $110,000 per day, with a calculated target of $130,000.

Cointelegraph reportedBitcoin traders have cautiously expressed optimism about the possibility of a break through to $109,000.

The article is not intended to provide investment advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.