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    Bitcoin hits $69,000 on US Election Day, eyes $120,000 as market indicators show strong uptrend

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    On Nov. 5, Bitcoin reached $69,000 amid US election day, keeping its trend towards $120,000 promising. Analyst CoinLupin noted that the market value realized value (MVRV) of Bitcoin was twice that of the estimated onchain value, indicating a strong uptrend. Projection indicates Bitcoin’s peak may come when the MVRV reaches between 3 and 3.6. If achieved, Bitcoin’s price could lie between $95k and $120k. The Bitcoin hash ribbon also showed a “buy” signal and there is substantial support near $68,000, supporting a continued increase.

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    On Nov. 5, U.S. election day, Bitcoin hit $69,000. According to one crucial onchain metric, Bitcoin’s trend towards $120,000 remains steady and strong.

    In the midst of election jitters on Nov. 5, Bitcoin is trying to exceed its 2022 all-time high of $69,000. CoinLupin, an analyst at CryptoQuant, uses the MVRV (market value realized value) indicator to get a feel for Bitcoin’s current worth. With Bitcoin’s price at $68,755, the MVRV was at 2, meaning the market’s value is twice as much as the estimated onchain value.

    The MVRV indicator recently passed the yearly average and is currently above the four-year average, a good sign which often maps Bitcoin’s trends. So, Bitcoin’s uptrend is still on track, and the cycle’s peak could happen when the MVRV hits levels between 3 and 3.6. If the RV (realized value) remains the same, the MVRV ratio needs to increase by 43-77%. So, Bitcoin’s target price could be between $95k and $120k.

    As buying interest grows when the market is high, there could be an increase in RV as well. And, when considering previous cycles, the peak might be even higher. Despite Bitcoin’s increase over the past year, it’s only just returning to the average MVRV indicator level. But, the trend is still on the up and up.

    According to independent analyst Mags, the Bitcoin hash ribbon has shown a “buy” signal, meaning Bitcoin could soon take a big leap. Lastly, it’s worth noting that Bitcoin is currently sitting at a hearty support level, near $68,000. On Nov. 5, Bitcoin passed a critical level corresponding to the 20-day exponential moving average (EMA), at $68,221, which supports the continuation of its rise.

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