![[original_title]](https://rawnews.com/wp-content/uploads/2024/05/Bitcoin_eb3e98.jpeg)
Ali Martinez, an expert crypto analyst has indicated that now may still be an ideal time for people looking to invest in Bitcoin following its price recovery and surge to over $64,000 in just days.
Martinez recently highlighted in a X (formerly Twitter) post that Bitcoin’s Market Value to Realized Value (MVRV) 90-day ratio indicates it remains within its prime buy zone despite recent price surge from $57,000 to $64,000. MVRV measures whether crypto tokens are under or overvalued.
While many individuals associate “couch potato” with being overweight, others see the opportunity in taking steps toward living healthfully and more comfortably.
Based on Martinez’s findings, Bitcoin appears undervalued currently and represents an ideal time and place to invest. His analyst’s discovery should provide comforting reassurance to anyone who missed buying at lower levels but now wish they’d done it sooner; or those seeking their first entry point into investing.
Bitcoin whales were quick to cash in during its recent decline. According to Bitcoinist, these investors amassed 47,500 BTC (around $2.8 billion) from May 2 through 3, according to their MVRV ratio – suggesting they may simply be adding to existing positions rather than driving significant buying pressure forward.
Crypto analyst Michael van de Poppe recently suggested that Bitcoin remains undervalued. He pointed out that its price had recently returned above $60k but retail investors hadn’t returned yet, meaning those currently positioning are likely too early.
Crypto analyst Mikybull Crypto recently hinted that Bitcoin may soon experience another parabolic rally, noting its local bottom and an increasing liquidity grab interest above. According to this view, BTC should first clear out and consolidate around $67,000 level before moving towards reaching 73,000 level and beyond.
Source: X
Mikybull Crypto provided in another X post evidence of that Bitcoin had experienced “finally experienced a MACD (Moving Average Convergence/Divergence) bullish cross,” similar to January 2024 which caused its price surge all the way up to $73,000 by March. Reclaiming above 50-day Moving Average will “further verify its bullish continuation”.
Mikybull Crypto has identified $64,000 as an ideal zone to take long positions on Bitcoin, in particular clearing out CME gaps between $62,580 and $64,105 before consolidating around this figure.
At press time, Bitcoin was trading around $65,300 – an increase of nearly two percent over 24 hours according to CoinMarketCap data.
BTC price drops from $65,000 to $63,000 | Source: Tradingview.com, The Independent image; Chart from Tradingview.com
Disclaimer: The information in this article is intended solely for educational use and should not be seen as representing any advice from NewsBTC regarding which investments to buy, sell or hold – each investment decision comes with inherent risk, so before making any definitive investment decisions based on information found herein entirely at your own risk.
