On-Chain Data Tips Bitcoin To Peak At $120,000 – But On This Condition 📈
Bitcoin prices have shown significant gains, rebounding by over 37.5% to above $105,000. Crypto analyst Ali Martinez predicts Bitcoin could reach $120,000 if the support level of $90,000 is maintained. The Cumulative Value Days Destroyed (CVDD) metric indicates potential market peaks, including a current estimate at $120,000. This metric captures spending activity by long-term holders, signaling market phases.
Martinez emphasizes that holding the $90,000 support is crucial for maintaining the bullish structure. At the time of writing, Bitcoin trades near $103,573, with bullish sentiment remaining strong, underlined by positive Bitcoin Spot ETFs performance. The asset retains its top position in the crypto market with a market cap of $2.04 trillion.
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