Bitcoin, the largest cryptocurrency by market capitalization, extended its recent advances, breaking beyond $73,000 to hit a new all-time high. Bitcoin's price was last up 0.97% at $72,486, according to CoinMarketCap data. It previously touched an all-time high of $73,709 during today's trading session.
With each price increase, investors and analysts eagerly anticipate the next key target for Bitcoin's ascent.
Eyes are currently on the $80,000 mark, which may act as a psychological barrier for the BTC price; however, bullish indicators suggest that Bitcoin has the potential to surpass this level and set its sights on even higher targets.
A popular BTC indicator suggests that Bitcoin may be on the path to $80,000, with $83,000 identified as the next crucial target.
According to cryptocurrency analyst Ali, the next key price target for BTC is $83.035, as indicated by the Bitcoin MVRV Pricing Bands.
The Bitcoin MVRV Pricing Bands, which is based on the "Market Value to Realized Value" (MVRV), a ratio established by dividing the Bitcoin market cap by its realized cap, suggest that $83,000 might be the next key target for Bitcoin. The premise is that if Bitcoin successfully overcomes the $80,000 barrier, $83,000 might be the next important resistance level to overcome.
Is Bitcoin reaching market top?
According to current estimations, around 36 days remain until the Bitcoin halving that is likely to occur in April. Expectations are building ahead of this event, which is viewed as bullish for the Bitcoin price.
According to Ali, after the 2012 Bitcoin halving, BTC peaked in 367 days. Following the 2016 halving, it rocketed to a market high in 526 days, whereas the 2020 halving took 547 days for BTC to reach a market top.
Ali deduces that historical patterns indicate that Bitcoin might still be a long way from reaching a market peak, although he is not ruling out small dips along the way.