Bitcoin returning to the $73,000 price range could mark the beginning of the asset entering an “escape velocity” phase, according to crypto analyst James Check. “Escape velocity” refers to the minimum speed needed for an object to escape a gravitational field without further propulsion.
Applied to Bitcoin, it suggests the asset could start accelerating higher. Check’s analysis looks at the short-term holder (STH) Market Value to Realized Value (MVRV) metric, which suggests the market is not yet in an “overstretched, overbought, and over-saturated” euphoric phase.
However, the $73,000 price point is where many STH wallets (less than 155 days old) are now in “sufficient profit”, which could lead to some selling pressure and resistance in the short term.
Other analysts agree the market has not yet reached a state of euphoria, with one noting “Bitcoin is at $70k and there is little excitement and no euphoria.”
Bitcoin could reach its peak price before March 18, 2025, based on one analyst’s projection that it will hit the top within the next 300 days from its current consolidation range.
Source: COINTELEGRAPH
