Outstanding crypto analyst Burak Kesmeci has tipped Bitcoin (BTC) to hit a worth goal of $124,000 primarily based on knowledge from the Golden Ratio Multiplier worth mannequin. This bullish prediction comes after a formidable worth surge prior to now week, hinting that the premier cryptocurrency could have extra room for speedy worth development.
Can Bitcoin Return To 1.6x Accumulation Peak Goal?
In an X post on April 26, Burak Kesmeci shared the most recent updates on the Bitcoin Golden Ratio Multiplier worth mannequin, referencing knowledge from Bitcoin Journal Professional. For context, the Golden Ratio Multiplier mannequin makes use of shifting averages and Fibonacci ratios to assist establish when BTC could be overvalued or undervalued, thereby signaling doable market tops or good accumulation alternatives.
In response to the chart under, Bitcoin has lately retested the 350 every day shifting common (350DMA) at $77,000. Because the title implies, the 350DMA tracks BTC’s common worth over the past 350 days and acts as a key help zone. Touching or briefly dipping under this degree typically indicators a possible long-term shopping for alternative.
Bitcoin lately rebounded off its 350DMA, after a worth dip to $75,000 was adopted by two subsequent worth rallies to commerce as excessive as $96,000.
In keeping with the value 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 at the moment at $124,000. Due to this fact, regardless of the continued worth consolidation, BTC is prone to produce one other worth rally primarily based on the Golden Multiplier ratio worth mannequin.
Apparently, when Bitcoin strikes close to or above this degree, it typically indicators the tip 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 worth positive aspects according to the lofty targets of some market analysts.
BTC Miners Achieve $18.60 Million In Revenue
In different information, one other high crypto analyst, Ali Martinez, reports that miners have lately capitalized on Bitcoin’s spectacular worth rally, realizing practically $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 worth ranges. Nevertheless, it’s price noting that Bitcoin retains a robust bullish momentum regardless of this promote strain, 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 worth decline of 0.76% prior to now day.
Featured picture from Investopedia, chart from Tradingview
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