Reaching New Highs: Euphoric Bulls On The Horizon?<\/strong><\/h2>\nWith his “Euphoric Bull” idea, eminent crypto analyst Checkmate has set up a fire of hope. Checkmate claims that a spike to a new all-time high may indicate a fundamental change in market attitude.<\/span> With a notable escalation in bullish momentum this kind of bull phase would reflect, a larger price increase may result.
\n<\/span><\/p>\nCheckmate’s theory depends on the Market Value to Realised Value (MVRV) ratio, a measure of the total value spent to acquire all Bitcoins in use against their current market value.<\/span> Historically, a change to a “Euphoric Bull” phase has typically followed a spike in the MVRV ratio above one standard deviation of its average.
\n<\/span><\/p>\n\n#Bitcoin<\/a> breaking to a new ATH has historically represented a transition point from the Enthusiastic Bull, into the Euphoric Bull.<\/p>\nIt also coincides with the MVRV ratio getting above 1 standard deviation, but we rarely clear it on the first attempt.<\/p>\n
Bull…Crab…Bull…
\nA\u2026 pic.twitter.com\/4YyD179LRS<\/a><\/p>\n\u2014 _Checkmate \ud83d\udfe0\ud83d\udd11\u26a1\u2622\ufe0f\ud83d\udee2\ufe0f (@_Checkmatey_) May 21, 2024<\/a><\/p><\/blockquote>\nCheckmate cautions, though, that Bitcoin does not always play out the script on the first time.<\/span> The market shows cautious behaviour most of the time; Bitcoin can try to reach this important MVRV level several times before a clear break.
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Following a spike that saw the alpha crypto hit a six-week high of $71,950, Bitcoin’s latest consolidation period marks With a good daily trading volume, Bitcoin is still trading comfortably near the $70,000 mark even if a small retracement has happened.<\/span> This price movement points to a possible stop before the next major action, hence the present moment is a tense waiting game for investors as well as traders.
\n<\/span><\/p>\nBreakout Or Consolidation? A Bullish Dilemma<\/strong><\/h2>\nOne of the main voices in the continuous argument is crypto analyst Rekt Capital.<\/span> Rekt Capital thinks a weekly candle closing above $71,500 would set off a significant breakthrough. If this mark is reached, positive momentum might explode and Bitcoin would be driven towards a clear rally.
\n<\/span><\/p>\n![\"\"](\"https:\/\/www.tradingview.com\/x\/Kmc1CCFw\/\")
BTCUSD trading at $69,460 on the weekly chart: TradingView.com<\/a><\/figcaption><\/figure>\nRekt Capital does, however, also recognise the likelihood of a protracted phase of consolidation.<\/span> Historically, before showing a breakout, Bitcoin has tended to gather within its re-accumulation zone for several weeks. Rekt Capital contends that this prolonged consolidation would bring Bitcoin closer to match with previous halving cycles, occurrences that have typically preceded significant bull runs.<\/span>
\n<\/span><\/p>\nRelated Reading: Bitcoin Seen Breaching $73,000 As \u2018Bull Run\u2019 Looms, Analyst Says<\/a><\/div>\nBitcoin Price Prediction<\/strong><\/h3>\nOther analysts, however, see the top cryptocurrency in the globe having a potential banner year in 2025. Driven by elements like past price trends and the forthcoming Bitcoin halving cycle, the high-end estimate of $168,459 shows an amazing possible growth.<\/span> Technical signals pointing to a “Bullish” market attitude with a strong dosage of “Extreme Greed”<\/a> buoy this hope.
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Checkmate’s theory depends on the Market Value to Realised Value (MVRV) ratio, a measure of the total value spent to acquire all Bitcoins in use against their current market value.<\/span> Historically, a change to a “Euphoric Bull” phase has typically followed a spike in the MVRV ratio above one standard deviation of its average. #Bitcoin<\/a> breaking to a new ATH has historically represented a transition point from the Enthusiastic Bull, into the Euphoric Bull.<\/p>\n It also coincides with the MVRV ratio getting above 1 standard deviation, but we rarely clear it on the first attempt.<\/p>\n Bull…Crab…Bull… \u2014 _Checkmate \ud83d\udfe0\ud83d\udd11\u26a1\u2622\ufe0f\ud83d\udee2\ufe0f (@_Checkmatey_) May 21, 2024<\/a><\/p><\/blockquote>\n Checkmate cautions, though, that Bitcoin does not always play out the script on the first time.<\/span> The market shows cautious behaviour most of the time; Bitcoin can try to reach this important MVRV level several times before a clear break. Following a spike that saw the alpha crypto hit a six-week high of $71,950, Bitcoin’s latest consolidation period marks With a good daily trading volume, Bitcoin is still trading comfortably near the $70,000 mark even if a small retracement has happened.<\/span> This price movement points to a possible stop before the next major action, hence the present moment is a tense waiting game for investors as well as traders. One of the main voices in the continuous argument is crypto analyst Rekt Capital.<\/span> Rekt Capital thinks a weekly candle closing above $71,500 would set off a significant breakthrough. If this mark is reached, positive momentum might explode and Bitcoin would be driven towards a clear rally. Rekt Capital does, however, also recognise the likelihood of a protracted phase of consolidation.<\/span> Historically, before showing a breakout, Bitcoin has tended to gather within its re-accumulation zone for several weeks. Rekt Capital contends that this prolonged consolidation would bring Bitcoin closer to match with previous halving cycles, occurrences that have typically preceded significant bull runs.<\/span> Other analysts, however, see the top cryptocurrency in the globe having a potential banner year in 2025. Driven by elements like past price trends and the forthcoming Bitcoin halving cycle, the high-end estimate of $168,459 shows an amazing possible growth.<\/span> Technical signals pointing to a “Bullish” market attitude with a strong dosage of “Extreme Greed”<\/a> buoy this hope.
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\n<\/span><\/p>\nBreakout Or Consolidation? A Bullish Dilemma<\/strong><\/h2>\n
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\n<\/span><\/p>\nBitcoin Price Prediction<\/strong><\/h3>\n
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