Traders will be closely watching how Bitcoin’s weekly chart closes on May 12 to look for signs of the end of the downtrend.
Crypto Analyst Predicts Bitcoin To Reach $60,000, Here’s Why
Amid the recent rally that Bitcoin (BTC) experienced at the start of the week, several well-known cryptocurrency analysts seem to be bullish about the largest crypto asset, delivering multiple positive predictions for BTC in the short and long term.
Bitcoin Poised To Hit The $60,000 Price Mark
One of the famous crypto analysts who has recently shared exciting and positive predictions for Bitcoin is Ali Martinez. Martinez, known for his enthusiasm for cryptocurrency, took to the social media platform X (formerly Twitter) to share his projections with the community.
The analyst’s prediction delves into the Market Value to Realized Value (MVRV) ratio pricing band for Bitcoin. Ali Martinez has examined historical patterns seen in the previous bull markets that could send the price of BTC soaring.
According to him, the historical pattern seems to be appearing now in Bitcoin’s MVRV chart. He asserted that the BTC’s price has recovered from the mean MVRV level at $40,500, which is a similar form showing in the present market.
He added that with this form, it is possible for Bitcoin to rise in the direction of the 1.0 standard deviation line. Due to this, Martinez anticipates the price of BTC to reach a fresh yearly high of $60,000 price mark.
The post read:
We are witnessing a similar pattern now. With the recent bounce from the mean MVRV at $40,500, there is potential for BTC to surge to the 1.0 standard deviation line at $60,000.
Martinez’s latest Bitcoin analysis has since sparked fresh sentiment from the crypto community toward the digital asset. His forecast came in light of BTC experiencing a rally, taking its price to $43,000 as of Tuesday, January 30.
Investors and traders are now keeping a careful eye on these events in hopes of identifying future BTC market opportunities. This also suggests the introduction of new investors and traders in BTC.
In another X post, the expert highlighted the emergence of fresh Bitcoin addresses. He noted that about “67 new entities” now hold 1,000 BTC and above, which indicates “a 4.50% rise in two weeks.”
Analyst Delve Into BTC’s Price Action
Negentropic, the co-founder of Glassnode, has revealed his latest projections for BTC’s price action. Negentropic reported that a substantial liquidity pool for long positions had formed as Bitcoin crossed $42,200, suggesting a “neutral impulse.”
This action points to BTC‘s plan to cross the $42,000 liquidity barrier, which might bring up more market change and volatility. He further noted that due to the action, liquidations totaling “$659 million” took place.
Furthermore, as optimism rises, he expects that liquidations in short positions might reach a whopping $1 billion. As a result, it will position the market for a possible upward trend.
Currently, Bitcoin’s price is trading at $42,979, demonstrating an increase of over 7% in the past week. However, its market cap and trading volume are each down by 1%, according to CoinMarketCap.
Ethereum Price To Reach $5,000, BitMex Founder Predicts
BitMex founder Arthur Hayes has revealed that he is diverting his interest toward Ethereum (ETH) while disclosing a bold prediction for the crypto asset.
Arthur Hayes Doubling Down On Ethereum
Arthur Hayes recently took to X (formerly Twitter) to share his optimism and prediction about the future of Ethereum, and the post has since caused quite a stir in the entire cryptocurrency community.
Renowned for his perceptive market analysis, Hayes claimed to have had a revelation on ETH during one of his meditations, and this prompted him to significantly alter his cryptocurrency holdings. He sarcastically asserted in the X post to have gotten the direction from the Lord.
Following this supposed heavenly direction, Hayes allegedly sold his Solana holdings and increased his stake in Ethereum. In addition, he has predicted a spike that would take the price of the cryptocurrency asset to an astounding $5,000.
He further conveyed his love and appreciation for Vitalik Buterin, the co-founder of Ethereum. Hayes called Vitalik an Archangel while doing so.
Hayes’ evaluation of the market dynamics might have played a role in his choice to divert from Solana to Ethereum. In another X post, Arthur Hayes shared a chart of Ethereum to back up his predictions. The crypto exchange founder has urged the crypto community to “get down” on the digital asset.
The BitMex founder’s projections come after his previous call, in which he predicted that Solana’s price would hit $100. Hayes’ prediction has appeared to be almost accurate, as the digital asset’s price has recently reached a peak of $99.
Since mid-December SOL has been demonstrating a rally, increasing by an astounding 350%. Despite the fact that Solana is displaying an upward trajectory, Hayes seems to think that Ethereum still has the potential to outperform SOL.
Glassnode Co-Founders Give Next Target For The Crypto Asset
Jan Happel and Yann Allemann, cofounders of Glassnode and collectively known on X as Negentropic, have highlighted the next target for Ethereum. According to the cofounders, the next target for ETH is $2,500 and has urged the community to keep an eye on this level.
Negentropic asserted that the asset reaching the $2,500 target will be triggered by market enthusiasm. Another target identified by the founders is $2,700, which ETH will attain by continuous ambitious push.
The co-founders also highlighted a support level at $2,100, which was once a resistance level but now a key zone. However, Negentropic pointed out that the level has now turned out to be critical for short-term rebounds. In addition, they asserted that if ETH ends up breaching the support level, it might activate the 50-Day EMA.
As of the time of writing, Ethereum is trading at $2,307, indicating a 1.30% increase in the past 24 hours. Its trading volume has increased by 19% to $16,690,793,321, its market capitalization has increased by 1.31% to $277,454,559,883.
