Ali Martinez, crypto analyst revealed that this could still be a great time to accumulate Bitcoin. This comes amid flagship cryptocurrencies recent price recoverythe crypto token climbing above $64,000.
Bitcoin is still in a “prime buying zone”
Martinez mentioned in an X (formerly Twitter) job that Bitcoin Market Value vs. Realized Value (MVRV) The 90-day ratio indicates that it is still in a “prime buying zone” despite the recent price rally from $57,000 to $64,000. MVRV is a metric used to determine whether a crypto token is undervalued or overvalued.
Source: X
Based on Martinez's findings, Bitcoin appears to be currently undervalued, which presents a good opportunity to accumulate the crypto token. The analyst's revelation undoubtedly reassures those who failed to buy the dip and are looking for a perfect entry to invest in Bitcoin.
Interesting way, Bitcoin Whales Wasted no time accumulating during Bitcoin's recent decline, like Bitcoinist reported that these investors purchased 47,500 BTC ($2.8 billion) between May 2 and 3. However, the MVRV ratio being at this level suggests that many of these whales are investors adding to their positions, meaning that significant buying pressure should not be expected anytime soon. .
Crypto analyst Michael van de Poppe also recently suggested that Bitcoin is still undervalued. He noted that the crypto token was back above $60,000 and retail was not there yet. He mentioned in another Message that these retail investors won't return until this summer, meaning it's still early days for anyone who is currently positioning themselves.
BTC is almost ready for the next step
Crypto Analyst Mikybull Crypto recently suggests that Bitcoin is almost ready for another parabolic rally. He said that the local bottom of Bitcoin is to consider that “the next interest in liquidity is higher.” He added that Bitcoin will “first clear the $67,000 level and consolidate towards the $73,000 level.
Related reading: Fantom Revival: Crypto Analyst Predicts Jump to $1.2 for FTM Price
Source: X
Meanwhile, the analyst revealed in another Message that Bitcoin “finally experienced a bullish MACD (Moving Average Convergence/Divergence) crossover” on the daily chart, just as it did in January 2024, leading the crypto token to reach up to $73,000 in March. According to Mikybull Crypto, Bitcoin’s recovery above the 50-day moving average will “further confirm the bullish continuation.”
For those looking to buy Bitcoin, Mikybull Crypto REMARK that the $64,000 range is a “sweet spot” to do this. He predicts that Bitcoin could erase the FMC gap between $62,580 and $64,105 before consolidating around $64,000.
At the time of writing, Bitcoin is trading at around $65,300, up more than 2% in the past 24 hours, according to data from CoinMarketCap.
BTC price falls from $65,000 to $63,000 | Source: BTCUSD on Tradingview.com
Featured image from The Independent, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold investments and, naturally, investing involves risks. You are advised to carry out your own research before making any investment decision. Use the information provided on this website entirely at your own risk.