Analyst Burak Kesmeci forecasts Bitcoin could hit $124,000, drawing on the Golden Ratio Multiplier model. This comes after BTC’s recent price increases. Kesmeci highlights the 350 daily moving average as a key support level, while miners reportedly gained $18.60 million from the recent rally. Bitcoin currently sits at $94,393, down 0.76% in a day.
Cryptocurrency analyst Burak Kesmeci predicts a price surge for Bitcoin (BTC), suggesting it could hit $124,000, based on the Golden Ratio Multiplier model. This optimistic outlook comes after a notable price increase over recent days, indicating there might still be potential for further price growth in the near future.
In a post on X, Kesmeci shared insights into the Golden Ratio Multiplier price model, citing information from Bitcoin Magazine Pro. This model employs moving averages alongside Fibonacci ratios to determine when Bitcoin might be overvalued or undervalued, thus indicating possible peaks or advantageous accumulation points.
A recent analysis revealed Bitcoin has retested its 350 daily moving average (350DMA) at $77,000, a critical support level. As the name suggests, the 350DMA represents Bitcoin’s average price over the past 350 days. Given its strong support potential, touching this level or slightly dipping indicates a good long-term buying opportunity.
Following a drop to $75,000, Bitcoin managed to bounce back, reaching as high as $96,000 thanks to consecutive price rallies. According to the Golden Multiplier ratio, Bitcoin is now on track to reach 1.6 times the 350DMA, translating to the $124,000 target. Thus, despite some price consolidation, BTC could be primed for another rally based on this model.
Notably, when Bitcoin approaches or surpasses $124,000, it typically signifies the conclusion of an accumulation phase and the commencement of a robust bullish trend. Hence, if Bitcoin reaches this target, it could lead to further price movements upward, fulfilling some analysts’ optimistic forecasts.
In another relevant development, analyst Ali Martinez has noted that Bitcoin miners have significantly profited from recent price gains, with nearly $18.60 million realised during the surge past $94,000. This profit realisation indicates that early miners are strategically capitalising on these elevated price levels. However, the underlying bullish sentiment for Bitcoin remains strong, bolstered by robust inflows into spot ETFs.
As of this writing, Bitcoin is trading at $94,393, reflecting a minor drop of 0.76% within the past day.
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