- Bitcoin’s next move depends on holding crucial $115,440 support level.
- Bitcoin could surge to $137,300 or fall to $93,600 soon.
- $115,440 is the key price point for Bitcoin’s market future.
Bitcoin’s immediate future hinges on one critical price level: $115,440. According to Glassnode’s MVRV Extreme Deviation Pricing Bands, this price point separates a potential rally from a market correction. Currently trading just above this threshold at around $117,000, Bitcoin is at a crucial juncture. The next move could see Bitcoin either soar to new heights or face a significant decline.
The MVRV indicator compares the current market price of Bitcoin to the price at which investors purchased their holdings. It indicates whether the market is being too optimistic or is ready for a correction. Bitcoin is currently in the orange band, meaning that the sentiment is on the brink of change. It is an area where the market would either record an additional bullish wave or a steep decline.
Also Read: Egrag Crypto: XRP Could be Around $6 or $7 by Mid-November Based on this Analysis
What happens if Bitcoin Holds Above $115,440? Or Fails to Hold?
According to Ali (@ali_charts), $115,440 is Bitcoin’s most important support level, marking a crucial threshold for its future movement. Holding this level could propel Bitcoin towards $137,300, while failing to maintain it could see a drop to $93,600.
The emotional factor in the market is evident since Bitcoin is trading above its actual price of $53,345. The under liquidity, the inflows of speculative ETFs, and macroeconomic forces, including the Federal Reserve’s policy determinations, are all contributing to the market sentiment.
The next move of Bitcoin will either see the market continue to run bullish, or it can be subjected to a correction since all eyes are on this critical price point. If Bitcoin stays above $115,440, optimism will likely return. However, if it breaks below, the market could face a reality check, potentially erasing months of growth in a short time.
Also Read: Why XRP Price Remains Stagnant Despite Fed Rate Cut
