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 prior to now week, hinting that the premier cryptocurrency could have extra room for rapid value development.
Can Bitcoin Return To 1.6x Accumulation Peak Goal?
In an X post 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 shifting averages and Fibonacci ratios to assist determine when BTC may be overvalued or undervalued, thereby signaling doable market tops or good accumulation alternatives.
In response to the chart beneath, Bitcoin has not too long ago retested the 350 each day shifting common (350DMA) at $77,000. Because the identify implies, the 350DMA tracks BTC’s common value over the past 350 days and acts as a key assist zone. Touching or briefly dipping beneath this stage usually alerts a possible long-term shopping for alternative.
Bitcoin not too long ago 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.
In step 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 at the moment at $124,000. Due to this fact, regardless of the continued value consolidation, BTC is more likely to produce one other value rally primarily based on the Golden Multiplier ratio value mannequin.
Curiously, when Bitcoin strikes close to or above this stage, it usually alerts the top of an accumulation section and the beginning of a stronger bullish development. Due to this fact, BTC reaching the $124,000 would solely pave the best way for additional value positive aspects in keeping with 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 not too long ago capitalized on Bitcoin’s spectacular value 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 value ranges. Nonetheless, it’s price noting that Bitcoin retains a powerful bullish momentum regardless of this promote strain, fueled by a number of components, 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% prior to now day.
Featured picture from Investopedia, chart from Tradingview
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