CryptoQuant: bitcoin aims for $ 120,000 per coin

CryptoQuant analyst CoinLupin predicted a further rise in the price of the cryptocurrency to $ 120,000 on November 5, amid the growing trend of Bitcoin BTC $97,565.91 Bitcoin 2.62% Market capitalization $1.93 trillion VOL. 24 hours $3.37 billion on US Election Day.

Amid market volatility, the analyst turned to a traditional indicator, the market-to-realized value (MVRV) ratio, to estimate the current value of Bitcoin. With the current price of BTC at $ 68,755, the MVRV index is 2, which means that the market value is twice the estimated value on the blockchain.

CoinLupin also noted that MVRV has exceeded the 365-day and four-year averages, indicating that the uptrend is continuing. Historically, the maximum of the cycle is observed when the MVRV reaches levels between 3 and 3.6. To reach this maximum, Bitcoin needs to grow by 43%-77%, which will allow it to reach a price between $ 95,000 and $ 120,000.

The analyst points out that with further growth in buying interest, there may be an increase in the realized value, which will lead to a new peak.

«Although Bitcoin has grown significantly over the past year, it has only returned to the average level according to the MVRV indicator. The upward momentum remains,» CoinLupin emphasized.

At the same time, independent analyst Mags also pointed to a buy signal that appeared on the hash tape indicator, which may indicate a future significant growth of BTC. In his previous analysis, he noted that Bitcoin was trading at $ 67,915, with a potential to rise to $ 101,679.

It is worth noting that Bitcoin’s growth on November 5 allowed it to rise above the 20-day exponential moving average (EMA) at $ 68,221, which supports the continuation of the uptrend.

It is worth adding that the Incoming/Outgoing Money Around the Price (IOMAP) chart shows that Bitcoin has strong support at current levels compared to resistance, indicating a potential upward trend.

As a reminder, on Wednesday, November 6, bitcoin reached a new all-time high, exceeding $ 75,000 amid preliminary results of the US election, where Donald Trump is ahead of Kamala Harris.