Possible Bitcoin Price Rally
Bitcoin's leverage reset around $120,000 could mark the foundation for a Q4 rally toward $150,000 and beyond.
After an 8% leverage flush, Bitcoin consolidated near $123,000, signaling a possible new value area and setting up for a potential Q4 rally.
- Spot demand and declining open interest point to renewed buyer confidence.
- The MVRV ratio signaled a potential 15% to 25% upside, targeting $140,000 to $150,000 by the end of Q4.
Bitcoin's recent rebound from the $120,000 level underscored buyer bids at that range, according to market analyst Skew.
Author's resume: Bitcoin may reach $150K.