{"id":606752,"date":"2024-05-06T15:00:47","date_gmt":"2024-05-06T15:00:47","guid":{"rendered":"https:\/\/wncen.com\/?p=606752"},"modified":"2024-06-11T07:00:45","modified_gmt":"2024-06-11T07:00:45","slug":"bitcoin-at-prime-buy-zone","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-at-prime-buy-zone\/","title":{"rendered":"Here\u2019s Why This Crypto Analyst Believes Bitcoin Is At A \u2018Prime Buy Zone\u2019"},"content":{"rendered":"
Crypto analyst Ali Martinez<\/span><\/a> has revealed that it may still be an excellent time to accumulate Bitcoin. This comes amidst the flagship crypto\u2019s <\/span>recent price recovery<\/span><\/a>, with the crypto token skyrocketing above $64,000.\u00a0<\/span><\/p>\n Martinez mentioned in an X (formerly Twitter) <\/span>post<\/span><\/a> that <\/span>Bitcoin\u2019s Market Value to Realized Value<\/span><\/a> (MVRV) 90-day ratio indicates that it is still in a \u201cprime buy zone\u201d despite its recent price surge from $57,000 to $64,000. The MVRV is a metric used to determine whether a crypto token is undervalued or overvalued.\u00a0<\/span><\/p>\n \u00a0<\/p>\n Based on Martinez\u2019s findings, Bitcoin looks to be <\/span>currently undervalued<\/span><\/a>, which presents a good opportunity to accumulate the crypto token. The analyst\u2019s revelation undoubtedly provides reassurance for those who failed to buy the dip and are looking for a perfect entry to invest in Bitcoin.\u00a0<\/span><\/p>\n Interestingly, <\/span>Bitcoin whales<\/span><\/a> didn\u2019t waste time accumulating during Bitcoin\u2019s recent decline, as Bitcoinist <\/span>reported<\/span><\/a> that these investors bought 47,500 BTC ($2.8 billion) between May 2 and 3. However, the MVRV ratio being at that level suggests that many of these whales are investors adding to their positions, meaning that significant buying pressure shouldn\u2019t be expected anytime soon.\u00a0<\/span><\/p>\n Crypto analyst <\/span>Micha\u00ebl van de Poppe<\/span><\/a> also recently <\/span>suggested<\/span><\/a> that Bitcoin is still undervalued. He noted that the crypto token is back above $60,000, and retail isn\u2019t here yet. He mentioned in another <\/span>X post<\/span><\/a> that these retail investors won\u2019t return until the summer, which means that everyone currently positioning themselves is still early.\u00a0<\/span><\/p>\n Crypto analyst Mikybull Crypto<\/span><\/a> recently <\/span>hinted<\/span><\/a> that Bitcoin is almost ready for another parabolic rally. He stated that Bitcoin\u2019s local bottom is in considering that the \u201cnext liquidity grab interest is above.\u201d He added that Bitcoin will first \u201cclear out the <\/span>$67,000 level<\/span><\/a> and consolidate in preparation for the $73,000 level.\u00a0<\/span><\/p>\n Related Reading: Fantom Revival: Crypto Analyst Predicts A Jump To $1.2 For FTM Price<\/a><\/p>\n <\/p>\n Meanwhile, the analyst revealed in another <\/span>X post<\/span><\/a> that Bitcoin has \u201cfinally experienced a MACD (Moving Average Convergence\/Divergence) bullish cross\u201d on the daily chart, just like it did in January 2024, which led to the crypto token rising to as <\/span>high as $73,000<\/span><\/a> in March. According to Mikybull Crypto, Bitcoin reclaiming above the 50-day Moving Average will \u201cfurther confirm the bullish continuation.\u201d<\/span><\/p>\n For those looking to long Bitcoin, Mikybull Crypto <\/span>remarked<\/span><\/a> that the $64,000 range is an \u201cideal zone\u201d to do so. He predicts that Bitcoin might clear out the <\/span>CME gap<\/span><\/a> between $62,580 and $64,105 before consolidating at around $64,000.\u00a0<\/span><\/p>\n At the time of writing, Bitcoin is trading at around $65,300, up over 2% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n <\/p>\n Crypto analyst Ali Martinez has revealed that it may still be an excellent time to accumulate Bitcoin. This comes amidst the flagship crypto\u2019s recent price recovery, with the crypto token skyrocketing above $64,000.\u00a0 Bitcoin Is Still In A \u201cPrime Buy Zone\u201d Martinez mentioned in an X (formerly Twitter) post that Bitcoin\u2019s Market Value to Realized Value (MVRV) 90-day ratio indicates that it is still in a \u201cprime buy zone\u201d despite its recent price surge from $57,000 to $64,000. The MVRV is a metric used to determine whether a crypto token is undervalued or overvalued.\u00a0 Related Reading: Cardano Comeback: Analyst Reveals Why It\u2019s Time To Get Back Into ADA \u00a0 Source: X Based on Martinez\u2019s findings, Bitcoin looks to be currently undervalued, which presents a good opportunity to accumulate the crypto token. The analyst\u2019s revelation undoubtedly provides reassurance for those who failed to buy the dip and are looking for a perfect entry to invest in Bitcoin.\u00a0 Interestingly, Bitcoin whales didn\u2019t waste time accumulating during Bitcoin\u2019s recent decline, as Bitcoinist reported that these investors bought 47,500 BTC ($2.8 billion) between May 2 and 3. However, the MVRV ratio being at that level suggests that many of these whales are investors adding to their positions, meaning that significant buying pressure shouldn\u2019t be expected anytime soon.\u00a0 Crypto analyst Micha\u00ebl van de Poppe also recently suggested that Bitcoin is still undervalued. He noted that the crypto token is back above $60,000, and retail isn\u2019t here yet. He mentioned in another X post that these retail investors won\u2019t return until the summer, which means that everyone currently positioning themselves is still early.\u00a0 BTC Almost Ready For Next Leg Up Crypto analyst Mikybull Crypto recently hinted that Bitcoin is almost ready for another parabolic rally. He stated that Bitcoin\u2019s local bottom is in considering that the \u201cnext liquidity grab interest is above.\u201d He added that Bitcoin will first \u201cclear out the $67,000 level and consolidate in preparation for the $73,000 level.\u00a0 Related Reading: Fantom Revival: Crypto Analyst Predicts A Jump To $1.2 For FTM Price Source: X Meanwhile, the analyst revealed in another X post that Bitcoin has \u201cfinally experienced a MACD (Moving Average Convergence\/Divergence) bullish cross\u201d on the daily chart, just like it did in January 2024, which led to the crypto token rising to as high as $73,000 in March. According to Mikybull Crypto, Bitcoin reclaiming above the 50-day Moving Average will \u201cfurther confirm the bullish continuation.\u201d For those looking to long Bitcoin, Mikybull Crypto remarked that the $64,000 range is an \u201cideal zone\u201d to do so. He predicts that Bitcoin might clear out the CME gap between $62,580 and $64,105 before consolidating at around $64,000.\u00a0 At the time of writing, Bitcoin is trading at around $65,300, up over 2% in the last 24 hours, according to data from CoinMarketCap.\u00a0 BTC price falls from $65,000 to $63,000 | Source: BTCUSD on Tradingview.com Featured image from The Independent, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":606778,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-606752","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nBitcoin Is Still In A \u201cPrime Buy Zone\u201d<\/h2>\n
Source: X<\/pre>\n
BTC Almost Ready For Next Leg Up<\/h2>\n
Source: X<\/pre>\n
BTC price falls from $65,000 to $63,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n