The price of BTC is currently $30k, having risen from $28k over the past three days in 2023. This has left market participants with mixed feelings; some anticipate further upside, while others expect a price rejection, which will continue the longer-term consolidation that started in May. In addressing this issue, top analyst CryptoCon shared his insights, which he refers to as ‘facts,’ based on the MVRV indicator, with his 55k+ followers on his X account.
CryptoCon Shares Technical Analysis
According to CryptoCon (@CryptoCon_), there is a distinct possibility of Bitcoin going to $47k in the near future. He explains that in all market cycles, once the green .37 – .65 zone is broken on the market-value-to-realized-value (MVRV) indicator, Bitcoin heads straight to the cycle mid-top, which is the .786 cycle retracement level. For the current cycle, this mid-top target is priced at $47,095.
The market-value-to-realized-value (MVRV) indicator compares Bitcoin’s current market cap to its realized cap, which is the valuation based on the price when each coin last moved. The green .37 – .65 zone refers to an optimal range for the MVRV which indicates a buy signal.
CryptoCon acknowledges this may seem overly bullish, but notes it is just following the ‘facts’ shown in the chart. He expects a steep rejection once the mid-top is reached, or possibly a pause around $36,000 halfway to the top, which would then be reached in June 2024 based on the BitTime model. The expected timeframe for this rise to complete is December 2023 – February 2024.
So in summary, CryptoCon lays out the technical analysis behind a potential Bitcoin price rise to $47k in the coming months, followed by a rejection or pause before continuing to new highs in 2024. He emphasizes this outlook is based on previous market cycle data, not just bullish speculation.
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