Distinguished crypto analyst Burak Kesmeci has tipped Bitcoin (BTC) to hit a value goal of $124,000 primarily based on knowledge from the Golden Ratio Multiplier value mannequin. This bullish prediction comes after a formidable value surge previously week, hinting that the premier cryptocurrency could have extra room for instant value progress.
Can Bitcoin Return To 1.6x Accumulation Peak Goal?
In an X publish on April 26, Burak Kesmeci shared the newest updates on the Bitcoin Golden Ratio Multiplier value mannequin, referencing knowledge from Bitcoin Journal Professional. For context, the Golden Ratio Multiplier mannequin makes use of transferring averages and Fibonacci ratios to assist determine when BTC is likely to be overvalued or undervalued, thereby signaling attainable market tops or good accumulation alternatives.
Based on the chart under, Bitcoin has just lately retested the 350 day by day transferring common (350DMA) at $77,000. Because the title implies, the 350DMA tracks BTC’s common value during the last 350 days and acts as a key help zone. Touching or briefly dipping under this stage typically indicators a possible long-term shopping for alternative.
Bitcoin just lately rebounded off its 350DMA, after a value dip to $75,000 was adopted by two subsequent value rallies to commerce as excessive as $96,000.
Consistent with the worth bands on the Golden Multiplier ratio, BTC is now headed for 1.6x Accumulation Excessive, i.e, 1.6 instances the 350 DMA, which is presently at $124,000. Due to this fact, regardless of the continued value consolidation, BTC is prone to produce one other value rally primarily based on the Golden Multiplier ratio value mannequin.
Apparently, when Bitcoin strikes close to or above this stage, it typically indicators the top of an accumulation part and the beginning of a stronger bullish pattern. Due to this fact, BTC reaching the $124,000 would solely pave the way in which for additional value features in keeping with the lofty targets of some market analysts.
BTC Miners Achieve $18.60 Million In Revenue
In different information, one other prime crypto analyst, Ali Martinez, reviews that miners have just lately capitalized on Bitcoin’s spectacular value rally, realizing almost $18.60 million in income as costs surged previous $94,000.
This realized revenue spike highlights that early miners are strategically taking income at these excessive value ranges. Nevertheless, it’s price noting that Bitcoin retains a robust bullish momentum regardless of this promote stress, fueled by a number of elements, together with robust inflows into spot ETFs.
On the time of writing, BTC is valued at $94,393, reflecting a value decline of 0.76% previously day.
Featured picture from Investopedia, chart from Tradingview
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