Crypto analyst CryptoCon believes that the price of Bitcoin is right on track to reach $47,000, based on an analysis of the Fibonacci MVRV indicator.
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What is the Fibonacci MVRV?
The Fibonacci MVRV is a market value to realized value ratio that compares Bitcoin’s current market capitalization to its realized capitalization, which is the value of all BTC when it last moved on-chain. This ratio can identify when Bitcoin is overbought or oversold.
In a recent tweet, CryptoCon explained how the Fibonacci MVRV shows Bitcoin following the expected path to $47,000 that he projected when the price was at $29,000.
He notes that when the MVRV first leaves the green zone between 0.37 to 0.65, it tends to quickly move into the red zone between 1.94 to 2.18. This red zone aligns with the 0.786 cycle retracement level from 2-day candle bodies, which is $47,095 in this market cycle.
So far, Bitcoin’s price movement has aligned with what the MVRV model predicted. CryptoCon states “Everything is falling into place” for Bitcoin to hit $47,000, likely by December or January. While it’s possible the price could diverge from the model’s projected path, so far it has been an accurate indicator of where Bitcoin is headed.
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Time will tell if Bitcoin sticks to the script and continues on towards $47k. But CryptoCon believes the data shows the rally is on track, with the Fibonacci MVRV revealing Bitcoin’s path forward.
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