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Analysts Debate Bitcoin Next Move As BTC Hits $75K All-Time High
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Analysts Debate Bitcoin’s Next Move As BTC Hits $75K All-Time High

Samuel Edyme
Samuel Edyme
7 months ago
3 mins read
Analysts Debate Bitcoin’s Next Move As BTC Hits $75K All-Time High

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Bitcoin has experienced a notable surge in price, reaching an all-time high of $75,358 following the announcement that former US President Donald Trump has been reelected, becoming the 47th President of the United States.

So far, the asset’s value has seen a nearly 10% spike in the past day before experiencing a slight correction, trading at $74,037 at the time of writing—a decline of approximately 1.1% from its peak earlier today.

The dramatic price increase has prompted widespread discussion within the cryptocurrency community, with prominent analysts offering their insights on the next move of Bitcoin.

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Bitcoin Price Touches $75,000 ATH: Analyst Says This Is What You Should Expect Next

7 months ago

Is The Top In For Bitcoin?

CryptoBullet, a well-known market analyst on X, focused on Bitcoin’s dominance index (BTC.D) about a technical indicator called the TD Sequential.

In a recent post on X, the analyst wrote, “Is BTC Dominance finally topping out? BTC.D is printing the second TD-9 Sell on the 2W timeframe this cycle.” The TD Sequential is a technical analysis tool used to identify potential trend reversals.

According to CryptoBullet, the current cycle shows similarities to previous years, where a second TD-9 signal often marks a significant reversal.

He highlighted past patterns from 2018, 2019, and 2021, suggesting that a similar trend could unfold in 2024, with Bitcoin dominance potentially nearing its peak.

Is #BTC #Dominance finally topping out? 🤔$BTC.D is printing the second TD-9 Sell on the 2W timeframe this cycle 👀

IMO this is something worth paying close attention to.

💡 We can see the same pattern repeating itself over and over again: no matter which direction #BTC… pic.twitter.com/j7Y3kGaQXJ

— CryptoBullet (@CryptoBullet1) November 6, 2024

More Room For Rally?

Adding to the conversation, another analyst, Ali, shared his perspective on X, cautioning market participants. Ali noted that the TD Sequential recently flashed a sell signal on Bitcoin’s four-hour chart, indicating a possible pullback to $72,000.

However, he noted that a sustained close above $75,400 could negate this bearish outlook and potentially push Bitcoin’s price to a new high of $78,000.

If you’re late to the bull party, take caution: the TD Sequential just flashed a sell signal on the #Bitcoin $BTC 4-hour chart, hinting at a possible pullback to $72,000.

However, a sustained close above $75,400 would invalidate this bearish setup and trigger an upswing to… pic.twitter.com/Ljd8lyPsM4

— Ali (@ali_charts) November 6, 2024

Meanwhile, a CryptoQuant analyst known as MAC.D offered a broader perspective on Bitcoin’s market cycle using the MVRV (Market Value to Realized Value) ratio.

This on-chain metric measures whether Bitcoin is undervalued or overvalued relative to its historical price levels. According to MAC.D, the MVRV ratio suggests that Bitcoin has not yet reached an “overheating stage,” indicating further upside potential.

Related Reading

Bitcoi (BTC)

Analyst Reveals Bitcoin’s ‘Chopsolidation’ Phase Nears End—Are New Highs in Sight?

7 months ago

However, as the market matures and capitalization grows, Mac noted that the rate of price increase tends to slow down. Adding: “Using this as a trend line, we can expect the market to overheat when the MVRV value is around 3.”

Bitcoin MVRV Ratio.
Bitcoin MVRV Ratio. | Source: CryptoQuant

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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