Crypto analyst Ali Martinez has revealed that it could still be an excellent time to accumulate Bitcoin. This comes amid the flagship cryptos recent price recoverywith the crypto token skyrocketing above $64,000.
Bitcoin Is Still in a ‘Prime Buy Zone’
Martinez mentioned in an X (formerly Twitter) after That Bitcoin’s market value to realized value (MVRV) The 90-day ratio indicates that the country is still in a prime buy zone, despite the recent price increase from $57,000 to $64,000. The MVRV is a metric used to determine whether a crypto token is undervalued or overvalued.
Source: X
Based on Martinez’s findings, Bitcoin appears to be currently undervalued, which provides a good opportunity to collect the crypto token. The analyst’s revelation undoubtedly provides reassurance to those who failed to buy the dip and are looking for a perfect entry point to invest in Bitcoin.
Interesting enough, Bitcoin whales has wasted no time rallying during Bitcoin’s recent downturn, like Bitcoinist reported that these investors bought 47,500 BTC ($2.8 billion) between May 2 and 3. However, the fact that the MVRV ratio is at that level suggests that many of these whales are investors adding to their positions, meaning that significant buying pressure should not be expected anytime soon. .
Crypto analyst Michael van de Poppe also recently suggested that Bitcoin is still undervalued. He noted that the crypto token is back above $60,000, and retail is not there yet. He mentioned in another X message that these retail investors won’t return until the summer, meaning anyone currently positioning themselves is still early.
BTC is almost ready for the next step up
Crypto analyst Mikybull Crypto recently hinted that Bitcoin is almost ready for another parabolic rally. He stated that Bitcoin’s local low lies in the consideration that the “next liquidity grab is higher.” He added that Bitcoin will “clean up the problem” first. Level of $67,000 and consolidate in preparation for the $73,000 level.
Related reading: Fantom Revival: Crypto Analyst Predicts a Jump to $1.2 for FTM Price
Source: X
Meanwhile, the analyst revealed in another X message that Bitcoin “finally experienced a MACD (Moving Average Convergence/Divergence) bullish cross” on the daily chart just like in January 2024, which led the crypto token to rise to high as $73,000 in March. According to Mikybull Crypto, Bitcoin regaining above the 50-day moving average will “further confirm the bullish continuation.”
For those looking for long Bitcoin, Mikybull Crypto noticed that the $64,000 range is an “ideal zone” to do this. He predicts that Bitcoin could eliminate the problems CME Gap between $62,580 and $64,105 before consolidating at around $64,000.
At the time of writing, Bitcoin is trading around $65,300, up more than 2% in the past 24 hours. facts from CoinMarketCap.
BTC price falls from $65,000 to $63,000 | Source: BTCUSD on Tradingview.com
Featured image from The Independent, chart from Tradingview.com
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