BTC price approaches key resistance, multiple model target price reveals bull market potential

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CryptoChan2024/11/28 08:12

By:CryptoChan

According to the latest on-chain analysis provided by CryptoChan, the price of Bitcoin (BTC) is approaching multiple key resistance levels. The current price is close to the Curve-Fitted MVRV Price ($122,818) and the Deviation-Corrected MVRV Price ($124,860), showing signs of gradually increasing breakthrough pressure in the short term.

It is worth noting that the top target price of the Fibonacci model is $127,657, which is considered a key node for market sentiment to turn. At the same time, on-chain data also reveals higher target prices: Tradable Realized Price ($145,307), Pow Price ($171,253), and Terminal Price ($187,504), which constitute potential ceilings for future price movements.

From a historical perspective, when the price of Bitcoin breaks through the multi-layer pricing model, the market usually enters an accelerated upward phase. Currently, the bar chart shows that BTC has gradually broken through multiple indicators, and its accumulated momentum is brewing the next important market trend. This signal indicates that Bitcoin may start a new bull market.

Market participants need to closely monitor changes in these models, especially when prices are close to the top target, which may cause short-term volatility.

BTC price approaches key resistance, multiple model target price reveals bull market potential image 0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

After dropping from $106,000 to $80,600, Bitcoin has stabilized and started to rebound, sparking discussions in the market about whether a local bottom has been reached. While whales and retail investors continue to sell, mid-sized holders are accumulating. Negative funding rates suggest a potential short squeeze. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively improved by the Mars AI model.

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