Bitcoin (BTC) is currently experiencing a significant downward trend, and an expert has recently shared an analysis on the cryptocurrency’s latest movements and when its next peak might occur.
Cryptocurrency analyst Ali Martinez observed that Bitcoin dropped below the +0.5σ MVRV price range at $67,890, indicating a potential correction towards the mid-range price range at $54,930. As of the time of the analysis, the Bitcoin price was at $64,875.80, representing a 0.3% decrease in the last 24 hours.
Martinez further explained that Bitcoin’s MVRV vs. 1-year SMA shows momentum and that when the MVRV is below the 1-year SMA, it often signals downtrends. He also highlighted a prediction for Bitcoin’s next peak, suggesting that it could occur around December 2024 or October 2025 based on the previous market cycles.
Additionally, the analyst previously predicted a new all-time high price for Bitcoin, suggesting that the next potential local top for the cryptocurrency could be around $89,200.
On June 19, 2024, Bitcoin was struggling to surpass the $66,800 mark, showing sporadic attempts to surpass this threshold without sustainable upward momentum. Similarly, major altcoins like ETH, XRP, ADA, and Solana were also displaying some bearish signs.
It’s important to note that the views and opinions expressed in the article are for informational purposes only and do not constitute financial or investment advice, as investing or trading cryptocurrencies carries a risk of financial loss.