Bitcoin (BTC) has support to climb all the way to $15,000 if historic trends repeat themselves this year, a new report says.
Compiled by crypto index fund provider Stack Funds on Oct. 15, the report highlights Bitcoin’s market cap vs. realized cap ratio (MVRV) fuelling gains, which could smash $12,000 resistance.
Report expects “significant break” in MVRV
Bitcoin has yet to attempt a breakout of $12,000, seeing rejection at $11,700 this week. This has failed to dent optimism among analysts, who believe that $11,000 will provide solid support.
Going forward, however, the period following the United States elections in early November may result in more upside.
For Stack Funds, this hinges on the MVRV ratio. This is currently at 1.8, with signs that a retest of 2.5 from 2019, when BTC/USD hit $13,800, is in play.
“The current MVRV ratio is at 1.8, and is purportedly well supported by the trendline where bitcoin bottomed back in late 2018. The