Bitcoin Price Target: Analysts Eye $120K as Key Metric Turns Bullish

According to Cointelegraph: The latest market analysis indicates that Bitcoin's Market Value to Realized Value (MVRV) ratio is turning bullish, suggesting a potential price target of $120,000 by 2025. Bitcoin (BTC) reached $69,000 on U.S. election day, November 5, reinforcing the uptrend as the MVRV metric remains positive. With a 43-77% increase required for Bitcoin to hit $95,000 to $120,000, analysts are optimistic about BTC's long-term growth potential.Bitcoin’s Climb to Reclaim 2022 High Amid Election-Induced Market VolatilityCurrently attempting to reclaim its all-time high of $69,000, Bitcoin's price benefits from market interest and increased buying activity. The recent upward momentum indicates that the cryptocurrency is likely to reach new heights, with the potential for a market peak above the projected target, based on previous cycles. Analysts note that while Bitcoin (BTC) has seen significant gains, its MVRV indicator suggests there's room for further growth.Bullish Hash Ribbon and MVRV Indicators Support Bitcoin's Upward MomentumIndependent analyst Mags highlighted that Bitcoin’s hash ribbon printed a “buy” signal, suggesting that BTC could soon see a strong upward move. Mags’ recent analysis projected Bitcoin (BTC) could expand to $101,679, building on its support level of around $68,000. The price is currently held by the 20-day exponential moving average (EMA), supporting the ongoing uptrend.Strong Support at $68,000 and Future Growth PotentialData from CryptoQuant analyst CoinLupin shows Bitcoin (BTC) holding above the 20-day EMA, with the MVRV indicator signalling a market value twice the on-chain estimated value. The MVRV ratio recently surpassed its 365-day and 4-year averages, which often corresponds to an upward trend, with cycle peaks typically appearing when MVRV reaches between 3 and 3.6.Bitcoin's Path of Least Resistance Points UpwardAccording to IntoTheBlock data, the $66,700 to $68,730 range acts as strong support, with approximately 1.1 million BTC purchased by 2.5 million addresses within this price band. This indicates that Bitcoin (BTC) has strong backing at these levels, with limited resistance ahead, suggesting an easier path toward higher price targets.With bullish indicators and strong support levels, Bitcoin appears positioned for significant growth, with the potential to reach six figures as the MVRV ratio continues to rise.Read More:U.S. Election 2024: Potential Bitcoin Reactions to a Trump or Harris Victory BTC News and Price Prediction: What to Expect After the 2024 U.S. Election Trump's Rising Election Odds Boost Solana And Bitcoin Interest