U.Today - All eyes are now on Bitcoin (BTC) as it gets closer to its all-time high (ATH). The trading activity is intensifying as bulls are now controlling the narrative with bears in no sight. Crypto market analysts are also sharing their positive Bitcoin price predictions. It appears that a new ATH can be witnessed anytime now.

Next local top for Bitcoin

Ali Martinez, a renowned on-chain analyst and trader, took to X (formerly Twitter) to share his insightful analysis regarding Bitcoin’s current situation and what’s coming next. He shared that the BTC price has successfully pushed past the crucial $70,500 level. Martinez predicted that the next local top might be at the $84,200 price range.

He revealed that the MVRV (Market Value to Realized Value) Pricing Bands has signaled this potential rally and local top for Bitcoin. This metric highlights whether the BTC price is undervalued, overvalued or near a market top based on historical data. The MVRV ratio compares the market capitalization of Bitcoin to its realized capitalization, giving price thresholds in terms of potential tops or bottoms.

New Bitcoin all-time high?

Martinez’s analysis suggests that the MVRV ratio is pointing at a potential rally toward the $84,200 target. This is basically a point where the historical MVRV ratio highlights that BTC may reach a local top if bullish momentum continues. However, once Bitcoin reaches this point, many BTC investors may potentially see it as an exit point, resulting in a pullback in price.

Meanwhile, Bitcoin is currently trading at $71,194 after a price surge of 3.36% over the past one day. Notably, the price has soared 8.38% over the last 30 days, indicating sustained positive momentum during this time. The trading volume of Bitcoin has also jumped 103.3% in the last 24 hours. This indicates rising trading activity, which can ultimately sustain this bullish momentum.

This article was originally published on U.Today