Distinguished crypto analyst Burak Kesmeci has tipped Bitcoin (BTC) to hit a worth goal of $124,000 based mostly on knowledge from the Golden Ratio Multiplier worth mannequin. This bullish prediction comes after a formidable worth surge up to now week, hinting that the premier cryptocurrency might have extra room for quick worth development.
Can Bitcoin Return To 1.6x Accumulation Peak Goal?
In an X post on April 26, Burak Kesmeci shared the most recent updates on the Bitcoin Golden Ratio Multiplier worth mannequin, referencing knowledge from Bitcoin Journal Professional. For context, the Golden Ratio Multiplier mannequin makes use of shifting averages and Fibonacci ratios to assist determine when BTC is perhaps overvalued or undervalued, thereby signaling potential market tops or good accumulation alternatives.
In response to the chart under, Bitcoin has lately retested the 350 day by day shifting common (350DMA) at $77,000. Because the title implies, the 350DMA tracks BTC’s common worth over the past 350 days and acts as a key assist zone. Touching or briefly dipping under this stage typically indicators a possible long-term shopping for alternative.
Bitcoin lately rebounded off its 350DMA, after a worth dip to $75,000 was adopted by two subsequent worth rallies to commerce as excessive as $96,000.
According to the value bands on the Golden Multiplier ratio, BTC is now headed for 1.6x Accumulation Excessive, i.e, 1.6 occasions the 350 DMA, which is at the moment at $124,000. Subsequently, regardless of the continuing worth consolidation, BTC is more likely to produce one other worth rally based mostly on the Golden Multiplier ratio worth mannequin.
Apparently, when Bitcoin strikes close to or above this stage, it typically indicators the tip of an accumulation section and the beginning of a stronger bullish pattern. Subsequently, BTC reaching the $124,000 would solely pave the way in which for additional worth positive aspects according to the lofty targets of some market analysts.
BTC Miners Achieve $18.60 Million In Revenue
In different information, one other prime crypto analyst, Ali Martinez, reports that miners have lately capitalized on Bitcoin’s spectacular worth rally, realizing almost $18.60 million in income as costs surged previous $94,000.
This realized revenue spike highlights that early miners are strategically taking income at these excessive worth ranges. Nevertheless, it’s value noting that Bitcoin retains a powerful bullish momentum regardless of this promote stress, fueled by a number of elements, together with sturdy inflows into spot ETFs.
On the time of writing, BTC is valued at $94,393, reflecting a worth decline of 0.76% up to now day.
Featured picture from Investopedia, chart from Tradingview
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