A prominent crypto analyst suggests Bitcoin might experience one last significant pullback before potentially surging to $273,000. Market veteran CRYPTO₿IRB shared this bold prediction with his 700,000 X followers, backing it with comprehensive technical analysis.
Current Market Dynamics
Bitcoin currently trades at $95,553, showing strong fundamentals. ETF inflows have pushed total AUM to $121 billion, with trading volumes reaching $746 billion. The NUPL sits at 0.54, indicating most traders remain in profit.
The market shows a neutral stance with the Fear & Greed Index at 51. This suggests room for growth without the euphoria typically seen at market tops. Bitcoin’s correlation with the S&P 500 remains low at 0.25, highlighting its independence from traditional markets.
Technical Outlook
The 200-day SMA stands at $80,200 and trends upward. Price action currently oscillates between $90,000 and $110,000. The RSI at 42 suggests cooled momentum, creating potential buying opportunities.
Resistance levels between $99,700 and $103,100 could trigger short-term pullbacks. However, seasonal data supports an optimistic outlook. February historically delivers 15.85% average gains.
The Path to $273,000
The MVRV Z-Score currently reads 2.43, well below the danger zone of 7.0. This metric suggests significant upside potential before market overheating occurs. The analyst projects a 2.88x move from current levels.
Miner profitability remains healthy above $88,400. This reduces selling pressure and supports price stability. The current market phase shows ‘belief’ characteristics rather than euphoria.
Advertisement
Ready to trade Bitcoin’s potential surge? Trade with up to 100x leverage on Defx.
Historical data supports this bullish outlook. Bitcoin’s annualized return since 2010 stands at 145%. First quarters typically deliver 25% gains. The current setup mirrors previous pre-rally patterns.
Tags: Bitcoin Price Prediction, Crypto Analysis, Market Analysis, Technical Analysis, Bitcoin Rally
Source: NewsbtC