Bitcoin price nears decisive moment as analysts see possible rise to $90.000

Bitcoin is trading around $81.760 and may be on the eve of a significant price move. According to crypto analyst Michaël van de Poppe, the trading range is getting ever tighter, bringing a breakout closer. Even so, Bitcoin could still drop below $80.000 first before a new rally begins. Meanwhile, onchain data points to an interesting accumulation zone, which could be good news for investors.

The Bitcoin price has risen 0.28% over the past 24 hours, but is still down 1.54% over the past seven days. Daily trading volume is more than $15.1 billion and the market capitalisation stands at around $1.64 trillion.

Bitcoin could first dive below $80.000

Michaël van de Poppe observes that Bitcoin is being given less and less room to move. The price is fluctuating within a narrow range while volatility continues to fall. According to the analyst, this often signals that a larger move is coming.

A straight move higher is not a given, however. Van de Poppe is allowing for a temporary decline towards a buy zone below $80.000. Bitcoin tested this area earlier, and a second visit could, in his view, offer an attractive entry point.

On the upside, the main resistance sits around $82.000. On his chart, a broader resistance zone runs from roughly $81.933 to $82.598.

If Bitcoin breaks convincingly above this area, the analyst expects an acceleration towards $90.000. Before that, the price would first have to clear resistance levels around $84.153 and $85.269.

Onchain data gives a positive signal

Crypto analyst Darkfost also sees an interesting development. After a rejection around $87.000, Bitcoin has again fallen below the 30th percentile of the MVRV indicator.

This indicator compares Bitcoin’s current market value with its realised value. The calculation looks at the price at which each Bitcoin last moved onchain.

Darkfost then uses historical percentiles to determine how high or low Bitcoin is currently valued compared with earlier moments.

The indicator stands at around 25.7%. According to the analyst, that puts Bitcoin back in a zone that has historically often coincided with accumulation after a hefty correction.

Bitcoin spends only about 25% of the time at comparable valuation levels. That makes the current situation interesting, although it does not automatically mean the price will rise straight away.

These levels will determine Bitcoin’s next move

For now, traders are mainly watching $80.000 and $82.000. A drop below the first threshold could send Bitcoin towards Van de Poppe’s buy zone. A convincing breakout above the second would instead open the door to further gains.

The combination of falling volatility and a relatively low MVRV valuation makes for a striking situation. Even so, a fresh decline remains possible if buyers fail to break through resistance.

The coming move could therefore prove important for Bitcoin’s direction in the short term.