Bitcoin (BTC) Eyes New Price Level of $70k: Price Analysis

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Bitcoin (BTC) Eyes New Price Level of $70k: Price Analysis

Crypto analysts have shown that the price of Bitcoin is eyeing a new price level of $70k according to MVRV pricing bands.

Popular crypto analyst and trader Ali Martinez (widely known as @ali_charts on X) has taken to his account to share a new Bitcoin price prediction with his 39,000 followers.

Per his prediction, the price of the flagship cryptocurrency is expected to first target $52,680 and then to the $70,250 level.

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Bitcoin’s key price target

Martinez referenced the Bitcoin  MVRV pricing bands in his tweet, stating that the new upcoming price target for Bitcoin – the largest cryptocurrency by market cap are $52,680 and $70,250.

For context, the MVRV (market-value-to-realized-value) indicator compares the current market cap of a cryptocurrency to its realized market capitalization.

By comparing these two data, the MVRV metrics can be used to assess market profitability and also to check when the value of a crypto asset is above or below “fair value.”

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In addition, the MVRV pricing bands have been instrumental in spotting local tops and bottoms that happened during the last 3 Bitcoin halvings.

Van De Poppe predicts Bitcoin (BTC) reaching $48k-$51k

Meanwhile, another popular crypto analyst, popularly known as Michael Van De Poppe on X has shared his prediction for the flagship cryptocurrency.

According to him, Bitcoin started 2024 with a price rally toward new highs. He continued by predicting that Bitcoin will continue the price rally towards $48,000 and $51,000. Once in that price zone, the coin will find a new resistance.

At press time, the price of Bitcoin has surged by 4% over the last 24 hours. This has raised its value to above $45,000 according to Coinstats data.

Reasons why Bitcoin price is up today

The sudden increase in the price of Bitcoin can be attributed to the expectation of a spot Bitcoin ETF approval which might take place this week.

Recall that approximately 12 Wall Street companies had filed for spot Bitcoin ETFs. In Van De Poppe’s tweet, he also referenced this by predicting an approval later this week.

Another possible reason for the rise in the price of BTC is the coming Bitcoin halving which is expected to happen in April 2024.

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.