Next Big Move For Bitcoin: Analysts Predict A Potential Breakout At $71,500

Bitcoin, the world’s most popular cryptocurrency, appears poised for a major move, but the direction remains shrouded in mystery. Analysts are divided on whether a bullish breakout or an extended consolidation period lies ahead.

Reaching New Highs: Euphoric Bulls On The Horizon?

Renowned crypto analyst Checkmate has ignited a spark of optimism with his “Euphoric Bull” theory. According to Checkmate, a surge to a new all-time high could signal a critical shift in market sentiment. This type of bull phase would represent a significant acceleration in bullish momentum, potentially leading to a steeper price increase.

Checkmate’s theory hinges on the Market Value to Realized Value (MVRV) ratio, a metric that compares the current market value of Bitcoin to the total value paid to acquire all Bitcoins in circulation. Historically, when the MVRV ratio climbs above one standard deviation of its average, it has often preceded a shift to a “Euphoric Bull” phase.

#Bitcoin breaking to a new ATH has historically represented a transition point from the Enthusiastic Bull, into the Euphoric Bull.

It also coincides with the MVRV ratio getting above 1 standard deviation, but we rarely clear it on the first attempt.

Bull…Crab…Bull… A… pic.twitter.com/4YyD179LRS

— _Checkmate