Bitcoin return to $73K could be a start to ‘escape velocity’ phase

    23 May 2024
    66 Views

    A potential return of Bitcoin to $73,000 could mark the beginning of the asset’s acceleration to “escape velocity,” according to a crypto analyst.

    Escape velocity is a term used in astrophysics to describe the minimum speed needed for an object to escape from the gravitational field of a celestial body, like a planet or moon, without further propulsion.

    Crypto analyst James Check used the term in a May 21 market report to describe what Bitcoin could do once it retakes the $73,000 price point.

    Check refers to the short-term holder (STH) Market Value to Realized Value (MVRV) metric — which he explains suggests the market is not yet “overstretched, overbought, and over-saturated.”

    “Whilst the transition from enthusiasm to euphoria can happen quickly, it feels like we have not reached the point of euphoric escape velocity…yet,” Check explained.

    “We are still within a steady, stable, enthusiastic, but importantly NOT euphoric phase of the bull,” he said, forming strong base foundations for a price rally at $73,000.

    However, he also warned that this price point is also where STH — wallets that have held Bitcoin for less than 155 days — are now in “sufficient profit,” which may lead to a sell-off causing “some resistance.”

    A few other crypto analysts also agree market euphoria has yet materialize.

    “Bitcoin is at $70k and there is little excitement and no euphoria, have to like it,” crypto trader Matthew Hyland declared in a May 22 post on X.

    “Bitcoin is just a sneeze away from entering price discovery,” added pseudonymous crypto trader Jelle.

    Pseudonymous crypto trader Yoddha is under the belief that Bitcoin will reach its peak price before March 18, 2025:

    “Bitcoin has been consolidating in the current range from the past 84 days, IMO from the current price, BTC will hit the Top within the next 300 days,” they wrote in a May 22 post on X.

    A jump to $73,000 from its current price of $69,088 is around 5.6%, according to CoinMarketCap data.

    Source: https://cointelegraph.com/news/bitcoin-price-surge-indicators-crypto-analyst-james-check

    Leave a Reply

    Your email address will not be published. Required fields are marked *