Bitcoin: Can the $47K price prediction come true soon
Bitcoin finally goes above $40,000
Though BTC exhibited a bull rally a few weeks ago too, it failed to amaze investors. But things changed in the recent past as its value went above $40,000.
Bitcoin: New key levels to look at
While BTC’s price rallied, crypto analyst Ali pointed out a few key levels for the king coin via X (formerly Twitter). Notably, the most important resistance area for BTC was at $47,360.
Will BTC cross $42,500 soon?
AMBCrypto then had a look at the king of crypto’s on-chain metrics to see the viability of BTC crossing $42,500. The coin’s MVRV ratio increased substantially over the last week, which was a positive signal.
Should investors expect a price drop?
Apart from Bitcoin’s supply on exchanges, another bearish metric was the coin’s fear and greed index. At press time, the index had a value of 75, indicating “greed” in the market.
