Bitcoin’s Final Dip Before $273,000? A Market Veteran Thinks So

Bitcoin is currently trading at $95,553, and market veteran CRYPTO₿IRB (@crypto_birb) believes that there could be one last major pullback before Bitcoin surges to a six-figure price target. He points to various market trends, technical signals, and historical data to support his claim.

CRYPTO₿IRB highlights the bullish environment in the market, with rising 200-week and 50-week moving averages indicating a shift in market sentiment. He also mentions the total assets under management of Bitcoin exchange-traded funds, the Net Unrealized Profit and Loss (NUPL) at 0.54, and a moderate correlation to the S&P 500.

In terms of daily trends, he sees Bitcoin trading within a range of $90,000 to $110,000, with key moving averages trending upwards. He notes that while there are some bearish indicators in the market, overall sentiment remains neutral, and miners’ profitability remains healthy.

Looking at seasonality, CRYPTO₿IRB points out historical performance data for Bitcoin in February and the first quarter, suggesting potential gains for traders. He also discusses the MVRV Z-Score, which currently sits at 2.43, below the danger zone of 7.0, indicating a potential peak above $273,000.

Overall, CRYPTO₿IRB believes that Bitcoin is on track to see significant growth in the future, with attractive entry points for traders to consider before the market potentially rallies again.