Bitcoin (BTC) is still far from its recent all-time high of over $74,000. However, there is a palpable sense of hope in the cryptocurrency industry. This is based on two technical indicators: the MVRV Z-Score and the Fear and Greed Index. The former has a rating of 1.87, whereas the latter has 71 points under the Greed category. If MVRV shows signs of a forthcoming upsurge, the FG Index suggests that now is a good time to buy more BTC tokens.
MVRV Score is commonly regarded as a more accurate indication. Bitcoin peaked at 10.4 in December 2017 and 3.66 in October 2021. The token price was at its maximum point in both time periods. Only in November 2022 did the Index record a -0.36 score. Anything less than zero is typically a good buying opportunity or time to enter the market. This should not be mistaken with buying at any other moment, as it is entirely dependent on one’s fund allocation strategy.
The Fear & Greed Index is optimistic about Bitcoin. This is attributed to the increase in the value of Bitcoin. The coin did rally to around $58,000. It is currently worth $61,563.41 as of the writing of this article. This represents a 1.44% increase over the previous 24 hours. As time passes, the flagship cryptocurrency is expected to increase in value.
The next level of resistance is at $75,000, followed by $90,000. Achieving the $75,000 mark will open the path to $100,000. Analysts believe the trajectory will reach $150,000; however, the $100,000 milestone appears to be more reasonable in terms of safety.
Bitcoin is currently riding two horses: increased adoption and approval of Bitcoin ETF applications in the United States and Hong Kong. This could benefit the mid-term range, but not the short-term range. Increased interest from institutional and individual investors may help support BTC demand and prices.
Investors have chosen a cautious and diverse approach to the very unpredictable crypto market, particularly since the Bitcoin Halving ended in mid-April 2024.
Meanwhile, in 20 minutes, two whales moved 1,000 Bitcoin tokens totaling $60.9 million.
Each wallet was witnessed transferring 500 BTC tokens, now worth a total of $60 million. This has sparked discussion among Bitcoin community members about the intentions to sell that share, given both wallets have been dormant for the past ten years.
When this article was written, BTC was valued at $61,704.99. Market capitalization and 24-hour trading volume were up 1.55% and 40.37%, respectively. Bitcoin is anticipated to hit $100,000 before the end of the year, 2024.