The prominent crypto analyst Burak Kesmeci has tipped Bitcoin (BTC) to hit a $ 124,000 price target based on data from the Golden Ratio Multiplier Price Model. This haisse -like prediction comes after an impressive price increase over the past week, which suggests that the main Cryptocurrency may have more room for immediate price increase.
Can bitcoin return to 1.6x accumulation top goals?
In an x post On April 26, Burak Kesmeci shared the latest updates on Bitcoin golden ratio multiplier Price model, reference data from Bitcoin Magazine Pro. For the context, the multiplicker model uses Golden Ratio Moving Averages and Fibonacci conditions to identify when BTC may be overvalued or undervalued, which signals possible market peaks or good accumulation opportunities.
According to the diagram below, Bitcoin has recently tested the 350 daily variable average (350DMA) to $ 77,000. As the name suggests, 350DMA tracks BTC’s average price in the last 350 days and acts as an important support zone. Moving or short dipping below this level often signals a potential long -term purchase opportunity.
Bitcoin recently recovered from his 350DMA, after a price dip to $ 75,000 was followed by two subsequent price meetings to shop as high as $ 96,000.
In line with the price bands on the Golden Multiplier relationship, BTC is now on its way to 1.6x accumulation high, ie. 1.6 times 350 DMA, which is currently $ 124,000. Despite the ongoing price consolidation, BTC is likely to produce another price collection based on the golden multiplicator conditions the price model.
Interestingly, when Bitcoin moves near or above this level, it often signals the end of an accumulation phase and the beginning of a stronger haussey trend. Therefore, BTC would reach $ 124,000 only pave the way for additional price gains in line with the high goals for some market analysts.
BTC miners get $ 18.60 million in profit
In other news, another top crypto analyst, Ali Martinez, reports That miners recently used Bitcoin’s impressive price collection and realized almost $ 18.60 million in profits as prices increased over $ 94,000.
This realized profit nail illustrates it Early miners Takes strategic profits at these high price levels. However, it is worth noting that Bitcoin retains a strong raisse -like momentum despite this sales pressure, driven by several factors, including strong inflows to Spot ETFs.
At the time of writing, BTC is valued at $ 94 393, which reflects a price decline of 0.76% over the past day.
Featured Image from Investopedia, Chart from TradingView
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