Bitcoin, Signs of a Direct Path to $90,000 Emerge... Also a Warning: "'This' Collapse Invalidates It"

▲ Bitcoin (BTC) / ChatGPT Generated Image

Bitcoin (BTC) is recovering the MVRV support line, a key on-chain indicator, re-emphasizing 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 range has acted as an important bottom 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. The analysis suggests that if the $73,700 level is maintained based on the MVRV band, Bitcoin could return to its average value range and continue its upward trend. Conversely, a warning was also issued that if this support level is breached again, the bullish scenario itself could be invalidated.

According to the analysis, if this support level is maintained, Bitcoin could have room to rise to approximately $96,000. This is considered the market's average value range and is presented as a mid-term bullish target. On the other hand, if the support level collapses, there is a possibility of a retracement to approximately $55,000.

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

Currently, Bitcoin has entered a critical transition phase where on-chain indicators and price movements are simultaneously significant. Depending on whether the key support level is maintained, conflicting scenarios of resumed ascent and further decline are simultaneously open.

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