Bitcoin is now trading at $94,225. According to Charles Edwards of Capriole Investments, the cryptocurrency is 40% undervalued. According to Edwards, the long-term intrinsic value of Bitcoin is several times greater than where the market currently prices it. Combining the technical developments with upcoming ETF approvals makes for a pretty bullish picture. Significant ETF inflows combined with lower miner selling pressure might push the price above the $100,000 threshold.

Technical Analysis and Price Targets

Bitcoin’s technical indicators are giving us some clues as to the potential movements in the BTC price. The 50-hour Simple Moving Average (SMA) is currently at $94,498, adding to this area being short term support. BTCUSD Chart by TradingView The nearest resistance for Bitcoin meanwhile is marked at $94,930.

There is a very important pivot support level set at $93,920. Should Bitcoin break through the $94,930 resistance with sufficient trading volume, the next upside target is projected to be $95,830. Speculators looking to establish new long positions should place a stop-loss at $93,920 to limit their downside risk in case of further weakness.

Market Indicators and Potential Scenarios

The MACD (Moving Average Convergence Divergence) indicator currently sends a neutral signal. This closely aligns with the market’s equilibrium point—the balance between buying pressure and selling pressure. Lastly, the Relative Strength Index (RSI) hovers at 48, which shows that Bitcoin still has enough space to trend upward before it is overbought.

If Bitcoin can convincingly clear the $94,930 resistance level on notable volume, the next target comes in at $95,830. Should BTC fail to overcome this resistance area, it could likely see a retest of the current support level around $93,920. Plus, there’s a possibility it could go down even more to $93,070.

Historical Data and Future Projections

Based on what we’ve seen in the past, all signs point to a fruitful few years for Bitcoin. Based on Pascal’s market fractals, history indicates a maximum upside of around 7-10%. This might drive Bitcoin to surpass the $100,000 mark.

After determining Bitcoin’s energy value (a function of mining costs – the costs of energy used to mine the network), researchers predicted its value after the April 2024 halving would be nearly $130,000. This is yet more evidence that Bitcoin is severely undervalued today.