As a seasoned researcher with years of experience in analyzing cryptocurrency markets, I find myself intrigued by this recent surge in Bitcoin’s price following President Trump’s reelection. The TD Sequential signals and the MVRV ratio are interesting indicators that suggest we might be seeing more upside potential for Bitcoin.
As a researcher studying financial markets, I’ve observed a significant spike in Bitcoin‘s price, peaking at an unprecedented high of $75,358, post the announcement of the re-election of the 47th U.S. President, former President Donald Trump.
In the last 24 hours, the asset’s value surged by nearly 10%, peaking at around $75,180 before slightly dropping, currently trading at $74,037 – a decrease of about 1.1% compared to its highest point today.
The significant rise in prices has sparked extensive debate among crypto enthusiasts, as leading analysts share their predictions about Bitcoin’s upcoming direction.
Is The Top In For Bitcoin?
In simpler terms, CryptoBullet – an esteemed market expert in the field of X – frequently emphasizes the Bitcoin Dominance Index (BTC.D), which is a technical tool similar to the TD Sequential, that he uses for analysis.
In my latest analysis on X, I’ve been pondering over whether Bitcoin Dominance has reached its peak. The Technical Analysis Indicator called TD Sequential, which I use to spot possible trend changes, is indicating a second TD-9 Sell signal on the 2-week timeframe in this cycle. This could potentially signal a shift in the current trend.
As per CryptoBullet’s analysis, this cycle appears to mimic past patterns, with a second TD-9 signal frequently indicating a major price shift or reversal.
He highlighted past patterns from 2018, 2019, and 2021, suggesting that a similar trend could unfold in 2024, with Bitcoin dominance potentially nearing its peak.
Could it be that Bitcoin’s dominance has reached its peak? The 2-week chart shows a potential second TD-9 Sell signal during this cycle for the BTC.D indicator.
IMO this is something worth paying close attention to.
We can see the same pattern repeating itself over and over again: no matter which direction #BTC…
— CryptoBullet (@CryptoBullet1) November 6, 2024
More Room For Rally?
Continuing the discussion, fellow analyst Ali voiced his opinion about X, advising market participants with caution. He pointed out that the TD Sequential has shown a sell sign on Bitcoin’s four-hour chart, potentially leading to a dip around the $72,000 level.
On the other hand, he pointed out that if Bitcoin maintains a consistent rise above $75,400, it might counteract the bearish perspective and possibly reach a fresh peak at $78,000.
As a fellow crypto investor, I’d like to share some insights about Bitcoin ($BTC). If you’ve missed the bullish rally so far, tread carefully: The TD Sequential has triggered a sell signal on the 4-hour chart, suggesting a potential correction towards $72,000.
Conversely, if the price continues to stay above $75,400 for an extended period, it could negate this bearish pattern and potentially initiate a price increase towards…
— Ali (@ali_charts) November 6, 2024
Currently, an analyst at CryptoQuant, who goes by MAC.D, shared insights into Bitcoin’s market cycle from a more comprehensive viewpoint, employing the MVRV (Market Value to Realized Value) ratio.
The measurement of this on-chain indicator helps determine if Bitcoin’s current value is lower (undervalued) or higher (overvalued) compared to its past price trends, as per MAC.D analysis. However, the MVRV ratio indicates that Bitcoin might not have reached a point where it’s overheating, suggesting there may still be room for further price increases.
As the market advances and its total value expands, Mac observed that the pace of price growth typically slows. To put it another way, if we extrapolate this trend, the market could reach an overheated state when the Market Value to Realized Value (MVRV) ratio is approximately 3.
Read More
- DEXE PREDICTION. DEXE cryptocurrency
- WIF PREDICTION. WIF cryptocurrency
- From Season 4 Renewed With Release Date Window & Episode Count
- ZEN PREDICTION. ZEN cryptocurrency
- TURBO PREDICTION. TURBO cryptocurrency
- SEI PREDICTION. SEI cryptocurrency
- PEOPLE PREDICTION. PEOPLE cryptocurrency
- Yes, Vanessa Morgan & James Karnik Are Engaged
- FIS PREDICTION. FIS cryptocurrency
- ARB PREDICTION. ARB cryptocurrency
2024-11-07 11:10