Crypto analyst Ali Martinez believes Bitcoin is still in a “prime buy zone” despite its recent price surge.
Undervalued According to MVRV Ratio
The MVRV ratio, which measures the value of Bitcoin relative to its realized value, indicates that it is currently undervalued. This suggests that Bitcoin is a good investment opportunity.
Whales Accumulating
Bitcoin whales have been buying large amounts of Bitcoin during the recent decline, adding to their positions. However, the MVRV ratio suggests that they are not likely to buy more in the near future.
Analyst Predictions
Other crypto analysts also believe Bitcoin is undervalued and has room to grow.
- Michaël van de Poppe suggests that Bitcoin is still early in its recovery and that retail investors are not yet involved.
- Mikybull Crypto predicts a parabolic rally for Bitcoin, with the next target being $73,000.
Technical Analysis
Bitcoin has recently experienced a bullish cross on the daily chart, similar to the one that preceded its rise to $73,000 in March. The analyst recommends buying Bitcoin in the $64,000 range.
Current Price
At the time of writing, Bitcoin is trading at around $65,300, up over 2% in the last 24 hours.
