Outstanding crypto analyst Burak Kesmeci has tipped Bitcoin (BTC) to hit a worth goal of $124,000 based mostly on information from the Golden Ratio Multiplier worth mannequin. This bullish prediction comes after a powerful worth surge previously week, hinting that the premier cryptocurrency might have extra room for instant worth development.
Can Bitcoin Return To 1.6x Accumulation Peak Goal?
In an X put up on April 26, Burak Kesmeci shared the most recent updates on the Bitcoin Golden Ratio Multiplier worth mannequin, referencing information from Bitcoin Journal Professional. For context, the Golden Ratio Multiplier mannequin makes use of transferring averages and Fibonacci ratios to assist establish when BTC is perhaps overvalued or undervalued, thereby signaling doable market tops or good accumulation alternatives.
In accordance with the chart beneath, Bitcoin has just lately retested the 350 every day transferring common (350DMA) at $77,000. Because the identify implies, the 350DMA tracks BTC’s common worth during the last 350 days and acts as a key assist zone. Touching or briefly dipping beneath this stage typically alerts a possible long-term shopping for alternative.
Bitcoin just 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.
In step with the value bands on the Golden Multiplier ratio, BTC is now headed for 1.6x Accumulation Excessive, i.e, 1.6 instances the 350 DMA, which is presently at $124,000. Subsequently, regardless of the continued worth consolidation, BTC is prone 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 alerts the tip of an accumulation part 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 factors consistent with the lofty targets of some market analysts.
BTC Miners Achieve $18.60 Million In Revenue
In different information, one other high crypto analyst, Ali Martinez, studies that miners have just lately capitalized on Bitcoin’s spectacular worth rally, realizing practically $18.60 million in earnings as costs surged previous $94,000.
This realized revenue spike highlights that early miners are strategically taking earnings at these excessive worth ranges. Nevertheless, it’s value noting that Bitcoin retains a robust bullish momentum regardless of this promote strain, fueled by a number of components, 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% previously day.
Featured picture from Investopedia, chart from Tradingview
Editorial Course of for bitcoinist is centered on delivering completely researched, correct, and unbiased content material. We uphold strict sourcing requirements, and every web page undergoes diligent evaluate by our workforce of high expertise consultants and seasoned editors. This course of ensures the integrity, relevance, and worth of our content material for our readers.
