Outstanding crypto analyst Burak Kesmeci has tipped Bitcoin (BTC) to hit a worth goal of $124,000 based mostly on knowledge from the Golden Ratio Multiplier worth mannequin. This bullish prediction comes after a formidable worth surge previously week, hinting that the premier cryptocurrency could have extra room for instant worth development.
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 worth mannequin, referencing knowledge from Bitcoin Journal Professional. For context, the Golden Ratio Multiplier mannequin makes use of transferring averages and Fibonacci ratios to assist establish when BTC is perhaps overvalued or undervalued, thereby signaling potential market tops or good accumulation alternatives.
In keeping with the chart beneath, Bitcoin has just lately retested the 350 every day transferring common (350DMA) at $77,000. Because the title implies, the 350DMA tracks BTC’s common worth during the last 350 days and acts as a key assist zone. Touching or briefly dipping beneath this stage typically alerts a possible long-term shopping for alternative.
Bitcoin just 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 continuing worth consolidation, BTC is prone to produce one other worth rally based mostly on the Golden Multiplier ratio worth mannequin.
Curiously, when Bitcoin strikes close to or above this stage, it typically 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 way in which for additional worth positive factors in step 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, reviews that miners have just 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. Nonetheless, it’s value noting that Bitcoin retains a powerful bullish momentum regardless of this promote strain, fueled by a number of elements, together with sturdy inflows into spot ETFs.
On the time of writing, BTC is valued at $94,393, reflecting a worth decline of 0.76% previously day.
Featured picture from Investopedia, chart from Tradingview
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