The post Bullish Case Emerges for Bitcoin, This is When Undervalued BTC Price May Hit $80,000 appeared first on Coinpedia Fintech News
Bitcoin prices have yet again slumped hard below the crucial support levels at $20,400 & dropped nearly 5.5% to mark monthly lows below $19,400. Meanwhile, the market participants managed to halt the bearish trend but are unable to uplift the price above the bearish captivity.
Therefore, a more descending trend may eventually compel the price to again drop below $19,000, which may induce a significant catapult action to propel high.
On-Chain College, a known analyst believes it could be a better time to buy Bitcoin as buys at these levels have historically produced excellent returns in the long run.
The MVRV-Z score, which is the difference between the realized value and the fair value determines whether the asset is overvalued or undervalued. In the present situation, the score has dropped heavily, indicating that Bitcoin is trading within an undervalued region. Hence, the analyst compares the previous touchpoints and predicts that buying at these levels could be extremely profitable, as it has been each time in the past.
Yet another bullish case emerges for the star crypto. BTC price has been trading within a bullish megaphone pattern and is primed to form a new ATH somewhere in the year 2023.
A popular analyst named Moustache discovered the bullish pattern within the BTC price. He believes that the asset with a firm rebound may ignite a strong uptrend as a 5th wave impulse and reach levels above $80,000. The price has earlier formed a couple of higher highs and marks the upper trend. Therefore, after a brief consolidation, the Bitcoin(BTC) price may ignite a significant bull run to reach new highs in 2023.