Distinguished crypto analyst Burak Kesmeci has tipped Bitcoin (BTC) to hit a worth goal of $124,000 primarily based on knowledge from the Golden Ratio Multiplier worth mannequin. This bullish prediction comes after a powerful worth surge up to now week, hinting that the premier cryptocurrency could have extra room for instant worth development.
Can Bitcoin Return To 1.6x Accumulation Peak Goal?
In an X post on April 26, Burak Kesmeci shared the newest updates on the Bitcoin Golden Ratio Multiplier worth mannequin, referencing knowledge from Bitcoin Journal Professional. For context, the Golden Ratio Multiplier mannequin makes use of shifting averages and Fibonacci ratios to assist establish when BTC could be overvalued or undervalued, thereby signaling attainable market tops or good accumulation alternatives.
In line with the chart beneath, Bitcoin has just lately retested the 350 day by day shifting common (350DMA) at $77,000. Because the identify implies, the 350DMA tracks BTC’s common worth over the past 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 just lately rebounded off its 350DMA, after a worth dip to $75,000 was adopted by two subsequent worth rallies to commerce as excessive as $96,000.
According to the worth bands on the Golden Multiplier ratio, BTC is now headed for 1.6x Accumulation Excessive, i.e, 1.6 instances the 350 DMA, which is at present at $124,000. Subsequently, regardless of the continuing worth consolidation, BTC is more likely to produce one other worth rally primarily based on the Golden Multiplier ratio worth mannequin.
Curiously, when Bitcoin strikes close to or above this degree, it usually indicators the tip of an accumulation section and the beginning of a stronger bullish pattern. Subsequently, BTC reaching the $124,000 would solely pave the best way for additional worth positive factors consistent with the lofty targets of some market analysts.
BTC Miners Achieve $18.60 Million In Revenue
In different information, one other prime crypto analyst, Ali Martinez, reports that miners have just lately capitalized on Bitcoin’s spectacular worth rally, realizing almost $18.60 million in earnings as costs surged previous $94,000.
This realized revenue spike highlights that early miners are strategically taking earnings at these excessive worth ranges. Nonetheless, it’s price noting that Bitcoin retains a powerful bullish momentum regardless of this promote strain, fueled by a number of components, together with robust inflows into spot ETFs.
On the time of writing, BTC is valued at $94,393, reflecting a worth decline of 0.76% up to now day.
Featured picture from Investopedia, chart from Tradingview
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