The price of Bitcoin (BTC) has reached new all-time highs much faster than analysts had expected. A substantial upswing kicked off a few weeks after the approval of the Bitcoin Spot ETF.

BTC started the week with an intense burst of volatility, as it topped $73K, tumbled to $69K, and then climbed its way back above $70K — all in around four hours. The price is now charting new highs, at the time of this writing.

Bitcoin has surged so rapidly that several market analysts state we are in an up only trend, and BTC’s price is poised for further gains.

What’s BTCs Next Target?

MVRV compares the market value of a cryptocurrency to its realized value, helping assess whether its overvalued or undervalued based on past investor prices.

By using this metric, Ali predicts a key price target for BTC at $83,035.

According to the #Bitcoin MVRV Pricing Bands, the next key price target for $BTC is $83.035! pic.twitter.com/Qc8QA62LmZ

A Sell-Side Liquidity Crisis

Ju’s rationale is that, as long as Bitcoin Spot ETF inflows keep coming, bears would stand no chance against bulls as demand significantly outpaces the available supply — considering that BTC ETFs have accumulated nearly $30 billion.

Ju highlighted the significant impact these institutional vehicles have on Bitcoins supply dynamics, as ETFs alone acquired over 30,000 BTC in a single week.

It’s worth noting that BTC’s surge has led to a significant increase in miner revenues, with daily Bitcoin mining rewards hitting a historic high of $78.89 million, surpassing the previous record of $74.4 million set in October 2021.

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Tags: Bitcoin (BTC) Price