has revealed that it may still be an excellent time to accumulate Bitcoin. This comes amidst the flagship crypto’s recent price recovery, with the crypto token skyrocketing above $64,000.
Bitcoin Is Still In A “Prime Buy Zone”
Martinez mentioned in an X (formerly Twitter) that (MVRV) 90-day ratio indicates that it is still in a “prime buy zone” despite its recent price surge from $57,000 to $64,000. The MVRV is a metric used to determine whether a crypto token is undervalued or overvalued.
Source: X
Based on Martinez’s findings, Bitcoin looks to be currently undervalued, which presents a good opportunity to accumulate the crypto token. The analyst’s revelation undoubtedly provides reassurance for those who failed to buy the dip and are looking for a perfect entry to invest in Bitcoin.
Interestingly, didn’t waste time accumulating during Bitcoin’s recent decline, as Bitcoinist that these investors bought 47,500 BTC ($2.8 billion) between May 2 and 3. However, the MVRV ratio being at that level suggests that many of these whales are investors adding to their positions, meaning that significant buying pressure shouldn’t be expected anytime soon.
Crypto analyst also recently that Bitcoin is still undervalued. He noted that the crypto token is back above $60,000, and retail isn’t here yet. He mentioned in another that these retail investors won’t return until the summer, which means that everyone currently positioning themselves is still early.
BTC Almost Ready For Next Leg Up
recently that Bitcoin is almost ready for another parabolic rally. He stated that Bitcoin’s local bottom is in considering that the “next liquidity grab interest is above.” He added that Bitcoin will first “clear out the $67,000 level and consolidate in preparation for the $73,000 level.
Related Reading: Fantom Revival: Crypto Analyst Predicts A Jump To $1.2 For FTM Price
Source: X
Meanwhile, the analyst revealed in another that Bitcoin has “finally experienced a MACD (Moving Average Convergence/Divergence) bullish cross” on the daily chart, just like it did in January 2024, which led to the crypto token rising to as in March. According to Mikybull Crypto, Bitcoin reclaiming above the 50-day Moving Average will “further confirm the bullish continuation.”
For those looking to long Bitcoin, Mikybull Crypto that the $64,000 range is an “ideal zone” to do so. He predicts that Bitcoin might clear out the between $62,580 and $64,105 before consolidating at around $64,000.
At the time of writing, Bitcoin is trading at around $65,300, up over 2% in the last 24 hours, according to from CoinMarketCap.
BTC price falls from $65,000 to $63,000 | Source:
