Bitcoin price target is $120K, says analyst as key metric flips bullish

The latest market analysis suggests that if Bitcoin’s MVRV ratio continues to increase, BTC price could be in the six-figure range by 2025.

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Bitcoin (BTC) touched $69,000 on US election day on Nov. 5 as a key onchain metric flipped bullish, suggesting that BTC’s uptrend toward $120,000 “remains intact.”

BTC/USD daily chart. Source: TradingView

Bitcoin is attempting to reclaim its 2022 all-time high of $69,000 as election anxiety engulfs the market on Nov. 5. 

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