Bitcoin Breaks $119,000: Analyst Says $139,000 Could Be Next

A cryptocurrency analyst has pointed out how Bitcoin could target $139,000 next, according to this on-chain pricing bands ￰0￱ Has Broken Past 0.5 SD MVRV Deviation Band In a new post on X, analyst Ali Martinez has talked about where Bitcoin may be heading next based on the MVRV Extreme Deviation Pricing ￰1￱ pricing model is based on the popular Market Value to Realized Value (MVRV) Ratio, an indicator that compares the market cap of Bitcoin against its realized ￰2￱ Reading: Bitcoin Short-Term Holder RVT Nears Cycle Lows: A Healthy Reset? The former represents the value currently held by the BTC investors, while the latter is a measure of the value that they initially put ￰3￱ such, the MVRV Ratio basically represents the profit-loss balance of the overall ￰4￱ the value of the metric is greater than 1, it means the market cap is greater than the realized cap and the average investor is sitting on an unrealized ￰5￱ the other hand, it being under the threshold suggests the investors as a whole may be considered ￰6￱ MVRV Extreme Deviation Pricing Bands takes the mean of the MVRV Ratio and calculates standard deviations (SDs) from ￰7￱ then determines price levels that correspond to these standard ￰8￱ is the chart for this Bitcoin pricing model shared by the ￰9￱ is visible in the graph, the mean of the MVRV Ratio is currently situated at $94,650 in the ￰10￱ this means is that if Bitcoin declines to this level, the MVRV Ratio would attain a value equal to its ￰11￱ BTC’s recent decline, its price slipped below the +0.5 SD level of $116,700.

With the latest recovery run, however, it has smashed past ￰12￱ next level on the model is the +1 SD, located at $138,800. Bitcoin has surged above this band twice in the current cycle so far, with a top following for the cryptocurrency shortly after each ￰13￱ explanation behind the trend could lie in the fact that investors become more likely to participate in profit-taking selloffs the higher their gains ￰14￱ Reading: Bitcoin’s Next Big Move? CryptoQuant Says These Alerts Are To Watch The MVRV Ratio being 1 SD above its mean corresponds to holder gains being notably higher than the ￰15￱ such, it’s not surprising to see that BTC topped out shortly after crossing the threshold during both of the 2024 ￰16￱ now remains to be seen whether this latest surge above the +0.5 SD level will lead Bitcoin to another retest of the +1 SD band, or if the run will fizzle out before it can ￰17￱ Price Bitcoin has witnessed a recovery run of almost 7% over the last week that has taken its price to the $119,200 ￰18￱ image from Dall-E, Glassnode.

com, chart from ￰19￱