Bitcoin (BTC) Targets $70,250, According to This Indicator

Crypto analyst and trader Ali Martinez (known as @ali_charts on social media) has taken to the X/Twitter social media network to share a new price prediction for the world’s flagship cryptocurrency, Bitcoin.

Sharing new data, he expects Bitcoin to target first $52,680 and then the $70,250 level.

New Bitcoin key price targets emerge

Martinez tweeted that per Bitcoin MVRC Pricing Bands readings, the upcoming price targets for the leading global digital currency are $52,680 and $70,250.

According to the #Bitcoin MVRV Pricing Bands, the next key price targets for $BTC are $52,680 and $70,250! pic.twitter.com/3w81kL6H0Z

— Ali (@ali_charts) January 2, 2024

The MVRV indicator compared a cryptocurrency’s market capitalization and its realized capitalization. Through this comparison, the MVRV ratio can show whether the current price of a cryptocurrency is fair or not, and it helps traders to see the tops and bottoms of the market. Besides, historically, MVRV has been a good metric to spot local tops and bottoms that took place through the first three Bitcoin halvenings.

Leading analyst expects Bitcoin to test $48,000-$51,000

Major cryptocurrency analyst Michael van de Poppe has tweeted that digital gold Bitcoin has started the newly arrived year of 2024 with a rally toward new highs. He believes that Bitcoin will continue to head toward the $48,000-$51,000 price levels and then bump into a potential resistance once they are reached.

Over the past 24 hours, the world’s flagship cryptocurrency has staged a massive price surge of nearly 7%, reaching the $45,695 level and adding approximately $3,000 in a single day.

The year starts of with a new rally of #Bitcoin towards the highs.

I’m still expecting continuation towards $48-51K and find a potential resistance there.

ETF to be approved this week?! pic.twitter.com/OdoNevoqve

— Michaël van de Poppe (@CryptoMichNL) January 2, 2024

Spot Bitcoin ETFs may get approved this week

The staggering increase of Bitcoin can be attributed to the fact that spot Bitcoin ETFs filed for by approximately a dozen leading Wall Street companies can be approved by the SEC regulator until the end of this week. Michael van de Poppe also mentioned this in his tweet, wondering if it may indeed happen before Saturday.

Among those financial monsters are BlackRock, Fidelity, Ark Invest and VanEck fund management companies; all of them submitted filings for spot Bitcoin exchange-traded funds last year, along with several other Wall Street funds.

Potential approval of Bitcoin ETFs by the SEC is the key factor that is expected to drive the Bitcoin price to new highs this year. The second major driver for further Bitcoin increases in 2024 is widely believed to be the BTC halvening expected in April this year.

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