Bitcoin’s price target is projected at $120K as a key on-chain metric, the MVRV ratio, turns bullish. Currently priced at $68,755, Bitcoin is trying to regain its 2022 high of $69,000. Strong support levels and optimistic market indicators suggest potential for further price increases.

Bitcoin has reached a price of $68,755, as of November 5, 2023, showing positive momentum towards reclaiming its all-time high of $69,000, which was observed on Election Day. According to CoinLupin, an analyst from the market intelligence firm CryptoQuant, the market value realized value (MVRV) metric has flipped bullish, which suggests that Bitcoin’s price target could be as high as $120,000. Currently, the MVRV ratio indicates that the market’s surface value is double the estimated on-chain value. Moreover, the MVRV has surpassed both the 365-day average and the four-year average, suggesting a potential continuation of Bitcoin’s upward cycle. Furthermore, the Bitcoin market shows robust support around the $68,000 mark, bolstered by the 20-day exponential moving average (EMA), currently positioned at $68,221. Analysts from IntoTheBlock report that around 1.1 million BTC was acquired at price points between $66,700 and $68,730 by 2.5 million addresses, establishing a solid foundation for further price increases. Meanwhile, another analyst, Mags, highlighted that a recent “buy” signal from the Bitcoin hash ribbon might indicate an imminent strong upward movement, projecting a potential price expansion towards $101,679.

The current environment surrounding Bitcoin is largely influenced by macroeconomic factors and election-related market anxiety. As such, analysts are utilizing various metrics to gauge Bitcoin’s trading potential and future price targets. The market value realized value (MVRV) and the Bitcoin hash ribbon indicator are among the tools being employed by analysts to form their predictions. The market’s activity surrounding key price levels is critical for understanding Bitcoin’s potential direction and trends in the near future.

In summary, Bitcoin is experiencing positive market indicators, with an analyst predicting a potential price target of $120,000 due to a bullish MVRV ratio. With significant support at $68,000 and continued upward momentum, the market’s conditions appear conducive for Bitcoin’s growth. Investors are encouraged to remain observant of market trends and underlying indicators to make informed decisions as the situation evolves.

Original Source: www.tradingview.com

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