Bitcoin price target could reach six figures by 2025 if its MVRV ratio keeps growing, say analysts.
Bitcoin hit $69,000 on U.S. election day, Nov. 5, as a key on-chain metric turned bullish. This suggests Bitcoin’s uptrend toward $120,000 is still going strong.
MVRV suggests uptrend with Bitcoin price target at $95K to $120K
Bitcoin is trying to reach its 2022 all-time high of $69,000 as election worries affect the market on Nov. 5.
In a market influenced by many big-picture issues, CoinLupin, an analyst at CryptoQuant, used a classic method to check Bitcoin’s value. He looked at the market value-to-realized value (MVRV) indicator, which helps show Bitcoin’s true value.
With Bitcoin’s price at $68,755, the MVRV is now at 2, meaning the market’s value is twice the estimated on-chain value, according to the analyst. CoinLupin also found that the MVRV has recently passed its 1-year and 4-year averages, which often signals Bitcoin’s typical price cycle.
“This suggests that the upward trend remains intact, and generally, the cycle peak tends to occur when the MVRV reaches levels between 3 and 3.6.”
If the realized value (RV) stays the same, the MVRV ratio would need a 43-77% boost, the commentary added.
“When applied to Bitcoin, this translates to a target of $95k to $120k.”
The analyst explained that as the market grows with new buying interest, the realized value (RV) is also likely to rise. Based on past cycles, a peak could form above these levels.
“While Bitcoin has risen significantly over the past year, it has only returned to the average level on the MVRV indicator. The upward momentum is still being maintained.”
Independent analyst Mags noticed that the Bitcoin hash ribbon showed a “buy” signal, which could mean BTC is ready for a strong upward move.
In a previous post on X, Mags saw Bitcoin trading at $67,915 and predicted it could rise to $101,679.
On Nov. 5, Bitcoin’s rise pushed it above a key level, the 20-day exponential moving average (EMA) at $68,221, which helps keep the uptrend going.
Bitcoin traded above this important level, offering immediate support. The 20-day EMA sits in the $66,700 to $68,730 range, where 1.1 million BTC were bought by 2.5 million addresses, as shown by data from IntoTheBlock.
The “In/Out of the Money Around Price” (IOMAP) chart shows strong support below Bitcoin’s current price and less resistance above, suggesting that the easiest path for BTC might be upward.
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