New key Bitcoin price targets emerge: $52,680, then $70,250

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Cryptocurrency analyst and trader Ali Martinez recently shared a new price prediction for the world’s leading cryptocurrency, Bitcoin. He expects Bitcoin to target $52,680 first and then $70,250.

New key price target for Bitcoin emerges

Martinez said on Twitter that the leading digital currency’s upcoming price targets are $52,680 and $70,250, according to the MVRV Bitcoin Valuation Range Index.

according to #bitcoin MVRV Pricing Range, Next Key Price Target Bitcoin USD That’s $52,680 and $70,250 respectively! pic.twitter.com/3w81kL6H0Z

— Ali (@ali_charts) January 2, 2024

The MVRV indicator compares a cryptocurrency’s market capitalization and its realized upper limit. Through this comparison, the MVRV ratio can indicate whether a cryptocurrency’s current price is reasonable and help traders understand market tops and bottoms.

Additionally, MVRV has historically been a good indicator for detecting the localized peaks and troughs that occurred during the first three Bitcoin halvings.

Analysts expect Bitcoin to test $48,000 to $51,000 levels

Analyst Michael van de Poppe tweeted that Bitcoin has already started to rise and reach new highs in 2024. He believes that Bitcoin will continue to move towards the $48,000 to $51,000 price range before hitting potential resistance.

Over the past 24 hours, the world’s leading cryptocurrency has been trading around the $45,271 mark after rising by around $3,000 in a single day.

Source: TradingView

Bitcoin’s incredible rally can be attributed to the potential approval of a spot Bitcoin ETF this week by the U.S. SEC.

Michael van de Poppe also mentioned this in his tweet, wondering if this would actually happen before Saturday.

The possibility of the SEC approving a Bitcoin ETF is a major factor expected to drive Bitcoin prices to new highs this year. The second major driver for further Bitcoin gains in 2024 is widely believed to be the halving event expected to occur in April.