Analysts Debate Bitcoin’s Next Move As BTC Hits $75K All-Time High

Share This Post

Bitcoin has experienced a notable surge in price, reaching an all-time high of $75,358 following the announcement that former US President Donald Trump has been reelected, becoming the 47th President of the United States.

So far, the asset’s value has seen a nearly 10% spike in the past day before experiencing a slight correction, trading at $74,037 at the time of writing—a decline of approximately 1.1% from its peak earlier today.

The dramatic price increase has prompted widespread discussion within the cryptocurrency community, with prominent analysts offering their insights on the next move of Bitcoin.

Is The Top In For Bitcoin?

CryptoBullet, a well-known market analyst on X, focused on Bitcoin’s dominance index (BTC.D) about a technical indicator called the TD Sequential.

In a recent post on X, the analyst wrote, “Is BTC Dominance finally topping out? BTC.D is printing the second TD-9 Sell on the 2W timeframe this cycle.” The TD Sequential is a technical analysis tool used to identify potential trend reversals.

According to CryptoBullet, the current cycle shows similarities to previous years, where a second TD-9 signal often marks a significant reversal.

He highlighted past patterns from 2018, 2019, and 2021, suggesting that a similar trend could unfold in 2024, with Bitcoin dominance potentially nearing its peak.

More Room For Rally?

Adding to the conversation, another analyst, Ali, shared his perspective on X, cautioning market participants. Ali noted that the TD Sequential recently flashed a sell signal on Bitcoin’s four-hour chart, indicating a possible pullback to $72,000.

However, he noted that a sustained close above $75,400 could negate this bearish outlook and potentially push Bitcoin’s price to a new high of $78,000.

Meanwhile, a CryptoQuant analyst known as MAC.D offered a broader perspective on Bitcoin’s market cycle using the MVRV (Market Value to Realized Value) ratio.

This on-chain metric measures whether Bitcoin is undervalued or overvalued relative to its historical price levels. According to MAC.D, the MVRV ratio suggests that Bitcoin has not yet reached an “overheating stage,” indicating further upside potential.

However, as the market matures and capitalization grows, Mac noted that the rate of price increase tends to slow down. Adding: “Using this as a trend line, we can expect the market to overheat when the MVRV value is around 3.”

Bitcoin MVRV Ratio.

Featured image created with DALL-E, Chart from TradingView

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

CNBC Projects Bitcoin Could Hit $100,000 Before Presidential Inauguration – Details

Following Donald Trump’s victory in the US presidential election against Vice President Kamala Harris, optimism is surging in the cryptocurrency market Analysts are now projecting that Bitcoin

French trader netted $79 million from Donald Trump wagers on PolyMarket

Republican candidate Donald Trump is not the only one claiming victory in the just-concluded US elections Theo4, reportedly a French trader, is also making headlines for pocketing close to $79

XRP Price to Explode if Trump Fires SEC Chair Gary Gensler! Here’s Why

The post XRP Price to Explode if Trump Fires SEC Chair Gary Gensler! Here’s Why appeared first on Coinpedia Fintech News Crypto commentator Ben Armstrong, widely known as BitBoy, has a striking

UAE and Chinese Investment Firms Partner on Ethiopian Energy Infrastructure Project

Hodler Investments and GCL Energy Investment have partnered to develop a distributed energy infrastructure project in Ethiopia to power next-generation data centers Boosting Ethiopia’s Data

Coinbase Premium Index Soars as Trump’s 2024 Victory Fuels Market Surge

The post Coinbase Premium Index Soars as Trump’s 2024 Victory Fuels Market Surge appeared first on Coinpedia Fintech News The victory of Republican candidate Donald Trump over Democratic candidate

Bitcoin May Reach $100,000 By US Presidential Inauguration Day, Report Says

Although the Bitcoin (BTC) price made new all-time highs (ATH) today, there could be more gains for the cryptocurrency’s future price trajectory Bitcoin To Hit $100k By Inauguration Day Following