Prominent crypto analyst Burak Kesmeci has tipped Bitcoin (BTC) to hit a value goal of $124,000 based mostly on knowledge from the Golden Ratio Multiplier value mannequin. This bullish prediction comes after a formidable value surge previously week, hinting that the premier cryptocurrency might have extra room for speedy value progress.
Can Bitcoin Return To 1.6x Accumulation Peak Target?
In an X post on April 26, Burak Kesmeci shared the newest updates on the Bitcoin Golden Ratio Multiplier value mannequin, referencing knowledge from Bitcoin Magazine Pro. For context, the Golden Ratio Multiplier mannequin makes use of transferring averages and Fibonacci ratios to assist establish when BTC may be overvalued or undervalued, thereby signaling potential market tops or good accumulation alternatives.
According to the chart beneath, Bitcoin has not too long ago retested the 350 each day transferring common (350DMA) at $77,000. As the identify implies, the 350DMA tracks BTC’s common value during the last 350 days and acts as a key help zone. Touching or briefly dipping beneath this degree usually indicators a possible long-term shopping for alternative.
Bitcoin not too long ago rebounded off its 350DMA, after a value dip to $75,000 was adopted by two subsequent value rallies to commerce as excessive as $96,000.
In line with the value bands on the Golden Multiplier ratio, BTC is now headed for 1.6x Accumulation High, i.e, 1.6 occasions the 350 DMA, which is at the moment at $124,000. Therefore, regardless of the continued value consolidation, BTC is more likely to produce one other value rally based mostly on the Golden Multiplier ratio value mannequin.
Interestingly, when Bitcoin strikes close to or above this degree, it usually indicators the top of an accumulation section and the beginning of a stronger bullish development. Therefore, BTC reaching the $124,000 would solely pave the best way for additional value good points consistent with the lofty targets of some market analysts.
BTC Miners Gain $18.60 Million In Profit
In different information, one other high crypto analyst, Ali Martinez, reports that miners have not too long ago capitalized on Bitcoin’s spectacular value rally, realizing almost $18.60 million in income as costs surged previous $94,000.
This realized revenue spike highlights that early miners are strategically taking income at these excessive value ranges. However, it’s value noting that Bitcoin retains a powerful bullish momentum regardless of this promote stress, fueled by a number of elements, together with sturdy inflows into spot ETFs.
At the time of writing, BTC is valued at $94,393, reflecting a value decline of 0.76% previously day.
Featured picture from Investopedia, chart from Tradingview
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