Bitcoin Could Reach 'Escape Velocity' at $73,000, Says Crypto Analyst
Summary:
Crypto analyst James Check suggests that Bitcoin could reach an "escape velocity" if it can regain a value of $73,000. His analysis further indicates that the current market is not overstretched and that Bitcoin is not at its euphoric phase yet. Other analysts share similar views, with some predicting Bitcoin will hit its peak price before March 18, 2025. Note that trading Bitcoin and other cryptocurrencies involves risk.
Crypto analyst James Check believes that if Bitcoin (BTC) can regain a value of $73,000, it could reach the point of "escape velocity," potentially boosting its acceleration significantly. The term escape velocity is borrowed from astrophysics where it's used to denote the least speed that an object requires to get free from a celestial body's gravitational pull. Bitcoin, in this case, can gain similar momentum once it achieves the $73,000 threshold, according to Check’s analysis in his report dated May 21.
Check's reasoning is based on the Short-term holder Market Value to Realized Value (STH MVRV) index. He opines that the current market hasn't reached saturation or overbought state yet. The progression from enthusiasm to euphoria is rapid, but Bitcoin isn't there just yet. It's still in a relatively stable state, creating a solid platform for a possible surge to $73,000.
However, Check also cautions that short-term holders, or those who have held Bitcoin for less than 155 days — may start selling off their profits at this point, potentially causing resistance. Other analysts also agree that the market has not yet reached a state of euphoria.
Crypto trader Matthew Hyland remarked that even though Bitcoin is valued at $70k, it still hasn't generated widespread excitement. Another trader known as Jelle stated that Bitcoin is very close to breaking into price discovery.
An anonymous trader by the name of Yoddha suggested that Bitcoin will hit its peak before March 18, 2025. Bitcoin's market performance has been fairly consistent in the last 84 days; BTC is likely to achieve its peak within approximately the next 300 days based on current pricing, Yoddha predicted.
Bitcoin would need to increase by roughly 5.6% to attain the $73,000 mark from its current value of $69,088 as displayed by CoinMarketCap data. Over the past week, Bitcoin has seen an upsurge of 5.22%.
Note: This article is not an endorsement or investment advice. Every trading measure carries risk and readers should conduct comprehensive research before making any investment decisions.
Published At
5/23/2024 5:32:12 AM
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