Following the Bitcoin price volatility seen in the past weeks, a crypto expert has predicted that there may be another bullish momentum short term. However, the crypto asset must recover some level to unlock the next significant price increase.
A Key Metric Can Start the Next Rally
Bitcoin continues to face significant headwinds, resulting in a long consolidation period, which has raised concerns about its path forward. However, there is also hope as Kyle Doops, market expert and trader has it predicted for BTC to regain its upward momentum once it regains key metrics, especially the Short Term Manager (STH) MVRV metric.
Short Term Holder (STH) MVRV value BTC divided by the price of short-term holders. More specifically, it is a primary indicator that assesses the ratio between the market value of an asset and the realized value held for less than 155 days.
According to market experts, the metric is important to monitor the group of short-term holders (STH) to identify new market demand and predict price volatility in the near term as the public remains optimistic about the rise that may show persistence. long term bullish trend.
He pointed out that the positive sentiment surrounding BTC was recently caused by the spot price breaking through the STH group’s $62,500 cost base. However, the price has once again fallen below the $62,500 mark, suggesting a waning of optimistic sentiment.
With the price currently trading below the range, the expert asserts that it is important for Bitcoin to regain this level in order to renew its bullish momentum. Kyle Doops’ assertion that the reboot of the BitcoinA move higher depending on this metric means that the crypto asset’s path to further profitability may be delayed unless it regains this level.
BTC at a Turning Point for Psychology
The leading data platform, CryptoQuant also has it is given details about the recent action of the BTC price, we note that the digital asset is at a level that can determine its next trajectory.
A crypto analyst with the username Datascope emphasized that based on previous data, the price of BTC is currently placed between a critical turning point and an optimistic one. This area marks an important junction on which market players have a positive or negative view based on it profit.
According to historical data, the Bitcoin bull market it must remain stable in these key areas to maintain the status quo. As long as the crypto asset remains within the range, the expert is convinced that a major decline is “unlikely.”
At the time of writing, Bitcoin was hovering between $61,100 and $61,200, showing a drop of almost 2% over the previous day. Despite the decline, its trading volume increased by more than 9% in the last 24 hours.
Featured image from Unsplash, chart from Tradingview.com
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