Bitcoin bulls return as BTC price recovers the $90,000 level, leading an analyst to forecast an 80% gain "from here".
The price of Bitcoin BTC R$ 537,705 has been following a persistent downward trend since January, but the increase on April 22, surpassing $91,000, marks its first break of a higher top this year and the potential start of a new long-term upward trend.
The highest top pattern occurred after BTC surpassed its previous lower top and the resistance at $88,500, but the true factor that will keep the price high is the buying volumes across various categories of the Bitcoin market.
Spot Bitcoin ETFs in the U.S. recorded total net flows of $381 million on April 21, levels not seen since January 30.
The increase in BTC spot flows, along with the rise in Bitcoin's price, points to a possible resurgence in institutional demand for Bitcoin, and the trend change in ETFs could offset the selling pressure that has limited BTC's price for months.
However, retail investor demand (buying volumes between $0 and $10,000) remained below 0%, suggesting that low-volume buyers have not yet returned. Over the past year, these investors have lagged behind BTC's price breaks, but they strengthen price momentum as soon as investor volume becomes positive.
The community manager of CryptoQuant, Maartunn, highlighted that the current rally is driven by leverage, not by spot volume. Data from Glassnode also indicated that open interest (OI) in Bitcoin futures increased by $2.4 billion in less than 36 hours.
For the price of Bitcoin to sustain a strong position above $90,000, the current discrepancy between futures traders and retail traders needs to decrease.
Bitcoin could gain "70% to 80% from here"
From a long-term perspective, Hitesh Malviya, founder of DYOR crypto, said that BTC could gain 70% to 80% if it maintains an MVRV ratio of 2 in the next six weeks.
The Market Value to Realized Value (MVRV) ratio, an important on-chain metric, compares Bitcoin's market capitalization with its realized capitalization — the value of coins at their last transaction price. Historically, an MVRV above 3.7 often signals overvaluation and market tops, while values close to 2 precede strong price rallies.
The Bitcoin MVRV index remained above 2 from October 2024 to February 2025, coinciding with its historical record. Recently, the metric fell below 2 during the market correction, but is now attempting to recover that key level.
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