“Bitcoin Price Will Reach $60,000 In The Short Term”

The price of Bitcoin plummeted after the launch of the spot Bitcoin ETF, but it is currently rebounding. In the past three days, the “New Nine” ETF bought about 30,000 Bitcoins from the market, and the momentum slowly turned positive again.

If we include Grayscale’s sales, it bought about 4,500 Bitcoins yesterday. But this is not the only bullish factor for the current Bitcoin price.

Bitcoin price $60,000 The so-called market value to realized value (MVRV) indicator is usually a very reliable predictor of the Bitcoin price, indicating that Bitcoin may experience a huge price explosion in the short term.

The indicator is currently hovering around its average value (yellow line), but as you can see, it is drawing a pattern that we also saw in 2016 and 2020. Soon after, the Bitcoin price soared to the past red line.

The current Bitcoin price of the red line is $60,000. If we can trust this indicator, it won’t be long before we reach this price level.

After that, the “real bull market” of Bitcoin must begin. Usually things don’t really start until a year after the halving, although the ETF can ensure that the halving party starts earlier.

Bitcoin’s early bull market? This Bitcoin bull market may come sooner than anyone expected.