Bitcoin’s Final Dip Before $273,000? Market Veteran Thinks So
In an article shared on X with his 700,000 followers, market veteran Crypto₿Irb (@crypto_birb) outlines his opinion that this could be one of the final major callbacks for Bitcoin to eventually improve to the six-fold target target. . In his own words: “BTC’s last $273,000 decline before? Here’s why:” He backed the claim with a series of concise punctuation, covering market trends, technical signals and historical data.
The last chance to buy bitcoin cheaper?
Encrypted iirb analyze First is a description of the “bull market” environment, and points out that the moving averages of 200 and 50 weeks are rising. These long-term trends usually reflect a larger shift in market sentiment.
He also mentioned the latest data on Bitcoin exchange trading funds, pointing out that total assets under management were $121 million, while trading volume was $746 billion. Another key metric to highlight is Net unrealized profit and loss (NUPL)His position is 0.54, which indicates that more profitable earners make than losses. He observed for seven weeks Related to the S&P 500 Index At 0.25, only a medium connection between Bitcoin and the traditional stock market is indicated during this period.
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The analyst then talked about the “daily trend” indicating that he saw Bitcoin swing in the $90,000 to $110,000 range. He positioned the 200-day simple moving average at about $80,200 and stressed that the number is rising. Crypto₿IRB also explained that the proprietary 200-day BPRO metric is at about $94,400, which he believes is another sign of strengthening momentum, despite the RSI of 42, while the RSI below 50, and the RSI below 50 usually points to the cooling The market momentum, but he is his cooling capacity. It is noted that the current volatility appears to be stagnant with an average true range of $3,360, indicating that price volatility has softened compared to previous periods.
Crypto₿IRB turns to his “trade setup”, highlighting some bearish configurations he sees on the 12-hour BPRO CTF and HTF trailer indicators. He described the market conditions as intermittent, with resistance appearing between $99,700 and $103,100. This means that if Bitcoin fails to exceed this resistance level, a short-term retreat or lateral activity may continue until the buyer returns to control.
Regarding “emotions and miners”, analysts noted Fear and Greed Index The reading is 51, a level considered neutral. He noted that fear usually soars before a critical breakthrough, suggesting a lack of extreme fear may indicate a continued climb once the resistance zone is cleared. He also classifies the ongoing market cycle phase as “belief,” which shows that investors remain cautiously optimistic if they do not often mark the major top tier delight. Another crucial factor is the miner’s profitability, which he estimates is healthy over $88,400, a threshold that can prevent excessive miners from selling and help strengthen the price floor.
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His comments on “seasonality” highlight Bitcoin’s historical performance. He noted that the average return in February was 15.85%, with a positive return in seven-year period. Overall, the average growth rate in the first quarter was about 25%. Bitcoin’s annual return rate was about 145% from 2010 to 2024, reflecting the impressive long-term growth of its history. Crypto₿IRB encourages traders to “BTFD February to March”, abbreviation for “buy dipping sauce”, meaning he expects attractive entry points to appear before the market may reappear.
He looked at the explanation of “Hongding”. MVRV z scorean indicator that compares market value with realization value. He warned that traditionally, the MVRV Z scored more than 7.0, indicating an overheated market. Currently, the score is well below the danger zone, which makes him project a peak that may be above $273,000 (starting from $95.3k).
He said: “Bitcoin will start to form the top tier at $273,000. According to the MVRV Z score, the market peaks only if MVRV pushes and stays above 7.0 weeks (2.8 times) (from $97.5K) (from $97.5K) . This is the stage of prosperity.”
At press time, BTC was trading at $95,553.
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