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Popular crypto analyst Ali Martinez explains that historical data spanning the last decade reveals a pattern where Bitcoin ($BTC) triggers a bull run whenever its price surpasses the average cost basis of holders with a 6-month to 3-year track record. advertisement Currently, this critical breakout level for BTC, based on this model, is identified at $33,755. This means that the BTC price should rally by over 30% from the current levels to confirm the bullish recovery. Otherwise, the gates for further BTC price correction are wide open. Courtesy: Ali Charts Other market analysts have also shared similar opinions on the BTC price recovery. Bloomberg’s senior commodity strategist Mike McGlone compared Bitcoin’s price action to the Nikkei index. In his latest report, McGlone stated: “Bitcoin has had a close directional relationship with the Nikkei 225, and recent crypto weakness may portend contagion. That or the benchmark crypto might recover and ...

Bitcoin’s NVM ratio has recently risen to 0.52, falling below the 0.6 threshold typically signaling undervaluation. The “NVM ratio” is a measure that examines the correlation between the logarithm of Bitcoin’s market value and the square of its daily active users. advertisement Courtesy: CryptoQuant When the NVM ratio is high, Bitcoin is considered overvalued; conversely, a low ratio suggests undervaluation. The present downward trend of this metric implies the potential for a price rise, given the positive network activity. Bitcoin (BTC) Price Shows Weakness on Charts Bitcoin’s SuperTrend indicator has been flashing sell signals while hinting at a deeper price correction. To confirm any bullish reversal, the BTC price needs to close above the $29,500 level, which is 14% higher than the current levels. If Bitcoin fails to recover above this, a bigger correction could be on the cards. Notice the precision of the SuperTrend indicato...

In their latest tweet, Binance said that they have paused “large volumes of pending transactions” and that the team is working to bring back BTC withdrawals asap. Currently, as per on-chain data, there are nearly half a million pending transactions on the Bitcoin network due to high gas costs. advertisement Currently 479,000 unconfirmed transactions on the Bitcoin network. BRC20 tokens are exploding and with it gas fees and wait times. pic.twitter.com/joVhwiFUrL — Lark Davis (@TheCryptoLark) May 7, 2023 Trending Stories XRP Price Analysis : This Chart Pattern could Restart Bullish Recovery in XRP Price; Back to $0.55 24/7 Cryptocurrency News Bitcoin Price Analysis Guide for Coming Week with Potential Target and Stoploss 24/7 Cryptocurrency News Cardano Price Analysis : Bearish Pattern Sets ADA Price for 24% Fall, But There’s a Catch 24/7 Cryptocurrency News Ethereum Price Analysis : Reversal Fro...