Bitcoin Price Could Rally To $80,500, But Here’s What Needs To Happen

According
to
a
popular
crypto
analyst
on
the
X
platform,
the
Bitcoin
price
might
be
primed
for
a
fresh
rally
beyond
its
current
all-time
high.
However,
the
analyst
has
identified
a
crucial
resistance
level
that
could
determine
the
fate
of
the
flagship
cryptocurrency
in
the
short
term.

$67,300
Could
Prove
Pivotal
To
BTC’s
Price
—
Here’s
Why

In
a
new
post
on
X,
prominent
crypto
pundit
Ali
Martinez
has
put
forward
an
exciting
projection
for
the
price
of
Bitcoin
over
the
next
few
weeks.
This
bullish
forecast
is
based
on
the
MVRV
(Market
Value
to
Realized
Value)
Pricing
Bands,
which
allow
users
to
estimate
price
levels
where
the
market
would
be
at
an
extreme
unrealized
profit
(high
values)
or
unrealized
loss
(low
values).

These
price
levels
are
relevant
because
they
signal
where
certain
investor
behaviors,
such
as
profit-taking,
risk-taking,
or
capitulating,
are
most
likely
to
be
triggered.
Ultimately,
the
MVRV
Pricing
Bands
metric
is
a
useful
indicator
in
price
analysis,
especially
for
identifying
cycle
bottoms
and
tops.

Source:
Ali_charts/X

According
to
Martinez,
the
MVRV
Pricing
Bands
have
pinpointed
the
$67,300
area
as
one
of
the
most
significant
resistance
levels
for
the
Bitcoin
price.
The
crypto
analyst
revealed
that
flipping
this
major
resistance
could
set
the
stage
for
the
premier
cryptocurrency
to
run
up
to
above
$80,500.

Typically,
breaking
through
this
resistance
level
is
not
only
indicative
of
a
strong
bullish
momentum
but
could
also
trigger
fresh
buying
from
both
retail
and
institutional
investors.
In
a
separate
post
on
X,
Martinez
revealed
a
pivotal
signal
that
could
reveal
when
the
Bitcoin
price
returns
to
bullish
territory.

According
to
the
crypto
pundit,
BTC
could
be
resuming
its
bull
run
following
a
golden
cross
between
the
MVRV
ratio
and
its
365-day
simple
moving
average
(SMA).
A
golden
cross
refers
to
a
bullish
signal
used
in
technical
analysis
where
a
short-term
moving
average
crosses
from
beneath
a
long-term
moving
average.

A
strong
signal
that

#Bitcoin
is
back
in
bullish
territory
would
be
a
golden
cross
between
the
MVRV
Ratio
and
its
365-day
SMA!

pic.twitter.com/H4IUZe1VVT

—
Ali
(@ali_charts)

August
24,
2024

However,
it
is
worth
noting
that
the
Bitcoin
price
has
struggled
to
maintain
any
upward
momentum
in
the
past
few
months.
According
to
data
from
CoinGecko,
the
market
leader
is
currently
12.6%
from
its
record-high
price
of
$73,737,
which
was
reached
in
mid-March.
An
ascent
to
$80,500
—
a
new
all-time
high
—
would
represent
a
25%
rally
from
the
current
price
point. 

Bitcoin
Price
At
A
Glance

As
of
this
writing,
the
price
of
Bitcoin
continues
to
hover
around
the
$64,000
mark,
reflecting
a
mere
0.7%
increase
in
the
past
day.

The price of Bitcoin thickens around the $64,000 mark on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured
image
from
iStock,
chart
from
TradingView