Bitcoin’s recent surge to $66,000 has sparked speculation about the potential for further gains. Analysts suggest that a move to $75,000 could signal a bullish trend, while a drop below $58,000 might indicate a change of direction. Despite a majority of Bitcoin supply being profitable, on-chain data indicates a cooling market sentiment, similar to conditions observed in February 2024. Crypto analysts highlight an attractive buying opportunity based on Bitcoin’s MVRV Ratio, which has historically indicated potential gains of up to 67%. However, caution is advised due to volatility in transaction fees and a decline in creating new BTC addresses.
