Outstanding crypto analyst Burak Kesmeci has tipped Bitcoin (BTC) to hit a worth goal of $124,000 primarily based 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 speedy worth development.
Can Bitcoin Return To 1.6x Accumulation Peak Goal?
In an X submit 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 transferring averages and Fibonacci ratios to assist determine when BTC is perhaps overvalued or undervalued, thereby signaling doable market tops or good accumulation alternatives.
In accordance with the chart under, Bitcoin has not too long ago retested the 350 each 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 under this stage usually alerts a possible long-term shopping for alternative.
Bitcoin not too long ago 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.
Consistent 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. Due to this fact, regardless of the continuing worth consolidation, BTC is more likely to produce one other worth rally primarily based on the Golden Multiplier ratio worth mannequin.
Curiously, when Bitcoin strikes close to or above this stage, it usually alerts the top of an accumulation part and the beginning of a stronger bullish pattern. Due to this fact, BTC reaching the $124,000 would solely pave the best way for additional worth good points according to 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, stories that miners have not too long ago 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 price noting that Bitcoin retains a robust bullish momentum regardless of this promote stress, fueled by a number of elements, together with robust 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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