Why does the MVRV Z-score point to a $100,000 price prediction for Bitcoin (BTC)? Analysis of on-chain data, including the MVRV Z-score and NVT ratio, predicts that Bitcoin could reach this important milestone in 2024. Former U.S. President Donald Trump's support for cryptocurrencies, as well as recent BTC price movements and technical indicators also support this prediction.

Key Points

- Former President Trump continues to support cryptocurrencies and plans to attend a Bitcoin conference in Tennessee.

- The price of BTC has broken through $65,000 in recent days, showing strong gains.

- The MVRV Z-score, a key indicator used to measure whether a market is undervalued or overvalued, currently shows that Bitcoin may have bottomed and foreshadows further gains.

- Another on-chain indicator, the NVT ratio, also shows a similar bullish outlook, and when the NVT ratio is below -1.6, it means that Bitcoin may have bottomed.

- Current BTC technical indicators suggest that if bull support stabilizes above $65,000, the price is expected to break $70,000 in July.

- The 50-day exponential moving average (EMA) will absorb selling pressure at $62,464, supporting the rise of BTC prices.

- The increase in inflows into Bitcoin ETFs and other asset management products shows that investors' interest in Bitcoin has risen this week.