U.Today – Bitcoin Nears All-Time High

All eyes are now on Bitcoin (BTC) as it approaches its all-time high (ATH). Trading activity is intensifying with bulls dominating and bears absent. Analysts are sharing positive price predictions, indicating a new ATH could materialize soon.

Next Local Top for Bitcoin

Ali Martinez, a renowned on-chain analyst and trader, recently shared his insights on X (formerly Twitter). He noted that BTC has surpassed the critical $70,500 level and predicts the next local top around $84,200.

Martinez referenced the MVRV (Market Value to Realized Value) Pricing Bands, which suggest this potential rally. The MVRV ratio assesses whether Bitcoin is undervalued, overvalued, or near a market top based on historical data, providing price thresholds for potential tops or bottoms.

New Bitcoin All-Time High?

His analysis indicates that the MVRV ratio is signaling a rally toward the $84,200 target. This historical MVRV point suggests BTC could reach a local top if bullish momentum continues, after which many investors might view it as an exit point, leading to a potential price pullback.

Currently, Bitcoin is trading at $71,194, following a 3.36% increase over the past day and an 8.38% rise in the last 30 days. This sustained positive momentum is further supported by a 103.3% jump in trading volume over the last 24 hours.