Bitcoin, Signs of a Direct Path to $90,000 Emerge...Warning: "'Here' Invalidates if Broken"

▲ Bitcoin (BTC)/ChatGPT generated image

Bitcoin (BTC) has recovered the MVRV support line, a key on-chain indicator, once again highlighting the possibility of a mid-to-long-term upward trend reversal.

According to crypto media outlet Bitcoinist on April 26 (local time), Bitcoin has once again recovered the key support level of $73,700 based on MVRV (Market Value to Realized Value). This zone has acted as an important low-point indicator in previous cycles and is considered a benchmark for trend reversal in terms of market structure.

On-chain analyst Ali Martinez identified $73,700 as the current market's key turning point. According to his analysis, if Bitcoin maintains the $73,700 level based on the MVRV band, it could return to the average value zone and continue its upward trend. Conversely, a warning was also issued that if this support level is broken again, the bullish scenario itself could be invalidated.

According to the analysis, if this support line is maintained, Bitcoin could see an upside potential of approximately $96,000. This is considered the market's average value zone and is presented as a mid-term bullish target. Conversely, if the support line collapses, there is a possibility of a retracement to approximately $55,000.

This MVRV recovery is interpreted as a signal of a market structure change beyond a simple price rebound. It suggests that selling pressure may have largely eased as the market structure, centered on long-term holders, is maintained. This characteristic has repeatedly appeared during bottom formation phases in past cycles.

Currently, Bitcoin's on-chain indicators and price action have simultaneously entered a critical turning point. Depending on whether the key support line is maintained, conflicting scenarios of a renewed uptrend or further decline are both open.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*