NewsletterBTC Price Forecast: 2 Reasons Why Bitcoin Bottomed In July
Highlights
- Bitcoin climbs to $65,000, as breakout to $100,000 gathers momentum.
- The MVRV Z-Score and the NVT back BTC price potential for $70,000.
- Soaring Bitcoin ETF volume and AUM inflows suggest improving sentiment.
The former President of the United States, Donald Trump is not relenting on his bet on the cryptocurrency industry. Despite an attempted assassination on the Republican nominee, Trump reaffirmed his commitment to attending the Bitcoin Conference in Nashville, Tennessee. BTC’s price forecast on Tuesday revealed a strong bullish comeback as the largest cryptocurrency tops $65,000.
David Bailey, CEO of Bitcoin Magazine, also an organizer of the event assured the crypto community that Trump was “in good spirits” and will speak at the event.
Meanwhile, the “Yes” shares in the presidential election contract of the Polymarket traded at 72 cents showing sentiment is rising in favor of Trump winning the election against the current President Joe Biden.
Investors in the Polymarket stand to get $1 for every share if their prediction is affirmative.
The Republican Party settled on Sen. J.D. Vance (R-Ohio) as Trump’s running mate. Vance is known for his strong belief in cryptocurrency and is said to be holding Bitcoin.
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BTC Price Forecast: Is $100,000 Milestone Achievable In 2024?
The MVRV Z-Score is a metric used to measure the extent to which the market is undervalued or overvalued. Based on on-chain insights from CryptoQuant and shared by XBTManager “there are two critical levels to consider here,” the analyst continued. “The metric fell below the 0 level and tested the 365-day SMA, finding support.”
This level of the MVRV-Z Score hinted at Bitcoin price finding robust support, which signals “a possible bottom and continuation for the next move.” As the metric recovers from the oversold region, BTC price forecast backs a possible rally to a new all-time high with $100,000 within reach.
The other on-chain indicator donning a similar bullish outlook is the NVT ratio mainly used to locate local bottoms and tops. When the ratio rises above 2.2 it points to a possible market top or euphoria.
On the other hand, when the NVT value slides under -1.6 it points to a potential local bottom. The current NVT ratio holds below -1.6 suggesting Bitcoin has bottomed. Should bulls find solid support at $65,000, a breakout above $70,000 would follow in July.
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Key Indicators Backing The Uptrend
Bitcoin holds above $64,000 after testing resistance at $65,000. Should the correction continue due to the lack of enough liquidity, the 50-day Exponential Moving Average (EMA) at $62,464 is in line to absorb the selling pressure.
Despite the resistance at $65,000, the Moving Average Convergence Divergence (MACD) sent a buy signal, adding credibility to the uptrend.
The other EMAs including the 20-day and the 200-day will serve as support at areas $60,645 and $58,333 in case profit taking overpowers bullish pressure.
Inflows into Bitcoin ETFs and other AUM products according to the recent Bitcoin price prediction show increasing interest in Bitcoin this week.
Frequently Asked Questions (FAQs)
1. What is the MVRV Z-Score metric?
2. What is the NVT ratio metric?
3. Based on the MVRV Z-Score and the NVT ratio, has Bitcoin bottomed out?
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24 Hours volume
$42.48B
Market Cap
$1.75T
Max Supply
21M
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