🏹 Bitcoin "golden cross" appears, analysts are optimistic about breaking through the $86,000 mark!
Recently, Bitcoin's price trend has shown a clear upward trend, which makes many investors optimistic about the market outlook.
From a technical analysis perspective, an important indicator called the MVRV ratio has broken through the 365-day moving average (SMA), which is historically seen as a strong buy signal, indicating that its price is about to usher in a sharp rise. And this "golden cross" phenomenon has convinced many analysts and investors that Bitcoin's rise has just begun.
Currently, the price of Bitcoin has broken through $72,000 and is expected to challenge the key resistance level of $74,000. If it can successfully break through and stabilize above this price, the next target will be $86,000. Analysts believe that if the price of Bitcoin can break through $86,200, it will have a great chance to continue to rise to $100,000.
Behind all this is the increase in institutional capital inflows. Just on October 30, the inflow of spot Bitcoin ETF exceeded $893 million, and the net inflow amount exceeded $3 billion for 6 consecutive days, showing that institutional investors' interest in Bitcoin has soared.
At the same time, retail investors are also taking active actions. Data shows that they have increased leveraged long positions on perpetual contract platforms and bought Bitcoin in the spot market, especially on the Binance exchange platform. However, there are also signs that on Coinbase, some investors chose to sell when the spot market rose.
In summary, the growth rate of Bitcoin will depend on a variety of factors, including the participation of institutions and retail investors. The power of the market will determine whether Bitcoin can continue to grow and reach new milestones.
In short, at this critical moment, we should be more cautiously optimistic and realize that Bitcoin's growth depends not only on technical signals, but also on the overall health of the market and the global economic environment. Let us wait and see whether Bitcoin can prove its resilience and value in this test!
💬 What do you think of Bitcoin's price cushion? Do you think Bitcoin can break through $86,000 in the short term and continue to rise?
