Here’s Why This Crypto Analyst Believes Bitcoin Is At A ‘Prime Buy Zone’

Name	Symbol	Market	Market Cap ($)	Algorithm
Cardano	ADAUSD	Crypto	16,440,919,241	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Cardano

ADAUSD

Crypto

16,440,919,241

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00	0.00%	0.4679	0.4679	0.4681

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00

0.00%

0.4679

0.4681

High Price	Low Price	Open Price	Prev. Close	52 Week Range
			0.4679	0.216009 - 0.810200

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.4679

0.216009 - 0.810200

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	00:58:44	21.25	0.468	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

00:58:44

21.25

0.468

USD

Price x Volume	Volume	Base Symbol	Related Pairs
0.00000000	0.00000000	ADA	ADAEUR	ADAGBP	ADABTC

Price x Volume

Volume

Base Symbol

Related Pairs

0.00000000

Here’s Why This Crypto Analyst Believes Bitcoin Is At A ‘Prime Buy Zone’

06/05/2024 4:00pm

NEWSBTC

Crypto analyst Ali Martinez 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) post that Bitcoin’s Market Value to Realized Value (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. Related Reading: Cardano Comeback: Analyst Reveals Why It’s Time To Get Back Into ADA 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, Bitcoin whales didn’t waste time accumulating during Bitcoin’s recent decline, as Bitcoinist reported 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 Michaël van de Poppe also recently suggested 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 X post 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 Crypto analyst Mikybull Crypto recently hinted 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 X post 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 high as $73,000 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 remarked that the $64,000 range is an “ideal zone” to do so. He predicts that Bitcoin might clear out the CME gap 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 data from CoinMarketCap. BTC price falls from $65,000 to $63,000 | Source: BTCUSD on Tradingview.com Featured image from The Independent, chart from Tradingview.com

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