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 powerful worth surge up to now week, hinting that the premier cryptocurrency could 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 newest 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 establish when BTC is likely to be overvalued or undervalued, thereby signaling doable market tops or good accumulation alternatives.
Based on the chart under, Bitcoin has lately retested the 350 every day shifting 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 help zone. Touching or briefly dipping under this stage usually alerts 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.
In keeping with the worth 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 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 usually 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 beneficial properties according to the lofty targets of some market analysts.
BTC Miners Acquire $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 practically $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. Nonetheless, it’s value noting that Bitcoin retains a robust bullish momentum regardless of this promote strain, 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
Editorial Course of for bitcoinist is centered on delivering totally researched, correct, and unbiased content material. We uphold strict sourcing requirements, and every web page undergoes diligent evaluation by our workforce of prime know-how consultants and seasoned editors. This course of ensures the integrity, relevance, and worth of our content material for our readers.
