Bitcoin has experienced a notable surge in price, reaching an all-time high of $75,358 following the announcement that former US President Donald Trump has been reelected, becoming the 47th President of the United States.
So far, the asset’s value has seen a nearly 10% spike in the past day before experiencing a slight correction, trading at $74,037 at the time of writing—a decline of approximately 1.1% from its peak earlier today.
The dramatic price increase has prompted widespread discussion within the cryptocurrency community, with prominent analysts offering their insights on the next move of Bitcoin.
Is The Top In For Bitcoin?
CryptoBullet, a well-known market analyst on X, focused on Bitcoin’s dominance index (BTC.D) about a technical indicator called the TD Sequential.
In a recent post on X, the analyst wrote, “Is BTC Dominance finally topping out? BTC.D is printing the second TD-9 Sell on the 2W timeframe this cycle.” The TD Sequential is a technical analysis tool used to identify potential trend reversals.
According to CryptoBullet, the current cycle shows similarities to previous years, where a second TD-9 signal often marks a significant reversal.
He highlighted past patterns from 2018, 2019, and 2021, suggesting that a similar trend could unfold in 2024, with Bitcoin dominance potentially nearing its peak.
Is #BTC #Dominance finally topping out?
$BTC.D is printing the second TD-9 Sell on the 2W timeframe this cycle IMO this is something worth paying close attention to.
We can see the same pattern repeating itself over and over again: no matter which direction #BTC… pic.twitter.com/j7Y3kGaQXJ — CryptoBullet (@CryptoBullet1) November 6, 2024
More Room For Rally?
Adding to the conversation, another analyst, Ali, shared his perspective on X, cautioning market participants. Ali noted that the TD Sequential recently flashed a sell signal on Bitcoin’s four-hour chart, indicating a possible pullback to $72,000.
However, he noted that a sustained close above $75,400 could negate this bearish outlook and potentially push Bitcoin’s price to a new high of $78,000.
If you’re late to the bull party, take caution: the TD Sequential just flashed a sell signal on the #Bitcoin $BTC 4-hour chart, hinting at a possible pullback to $72,000.
However, a sustained close above $75,400 would invalidate this bearish setup and trigger an upswing to… pic.twitter.com/Ljd8lyPsM4
— Ali (@ali_charts) November 6, 2024
Meanwhile, a CryptoQuant analyst known as MAC.D offered a broader perspective on Bitcoin’s market cycle using the MVRV (Market Value to Realized Value) ratio.
This on-chain metric measures whether Bitcoin is undervalued or overvalued relative to its historical price levels. According to MAC.D, the MVRV ratio suggests that Bitcoin has not yet reached an “overheating stage,” indicating further upside potential.
However, as the market matures and capitalization grows, Mac noted that the rate of price increase tends to slow down. Adding: “Using this as a trend line, we can expect the market to overheat when the MVRV value is around 3.”
Featured image created with DALL-E, Chart from TradingView
Source: NewsBTC.com
