Is Bitcoin (BTC) currently in a strong downtrend? An expert recently shared an analysis in which he analyzed the latest movements of the largest cryptocurrency on the market and revealed when BTC’s next top will be.

According to cryptocurrency analyst Ali Martinez, Bitcoin recorded a drop below the +0.5σ MVRV price range at $67,890, which could trigger a correction towards the mid-range price range at $54,930. At the time of publication, the price of Bitcoin was quoted at US$64,875.80, down 0.3% in the last 24 hours.

“Bitcoin’s MVRV vs. 1-year SMA shows momentum. When the MVRV is below the 1-year SMA, it often signals downtrends. Strong breaks below indicate significant $BTC purchased at higher prices, now at a loss (heavy distribution near the top),” Martinez noted in another analysis.

Furthermore, the cryptocurrency expert also highlighted a prediction for Bitcoin’s next top. “If this Bitcoin market cycle mirrors the last three, the top could arrive around December 2024 or October 2025!” he wrote.

It is worth remembering that, recently, the expert also revealed a prediction of where the next local top of the largest cryptocurrency will be, suggesting a new historical price record for BTC. According to the analyst, the next potential local top for Bitcoin could be around $89,200.

Bitcoin price on 06/19/2024: BTC has difficulty surpassing US$66,000

Bitcoin continues to struggle to surpass the $66,800 mark. Even with sporadic attempts to surpass this threshold, the leading cryptocurrency has not shown sustainable upward momentum.

Likewise, most major altcoins are showing some bearish signs. ETH is consolidating below the $3,620 resistance zone. XRP fell below $0.50 support levels. ADA is struggling to stay above $0.40. Solana is trying to surpass $140.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.

Source: https://portalcripto.com.br/bitcoin-em-tendencia-de-baixa-especialista-analisa-ultimos-movimentos-e-revela-proximo-topo-btc/



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