Bitcoin (BTC) remains significantly below its recent all-time high (ATH) of approximately $74,000. Nevertheless, optimism prevails within the cryptocurrency ecosystem, driven by two key technical indicators: the MVRV Z-Score and the Fear & Greed Index. The MVRV Z-Score currently stands at 1.87, indicating the potential for an upcoming upswing, while the Fear & Greed Index registers a Greed category with 71 points, suggesting confidence in acquiring more BTC tokens at this juncture.

In the cryptocurrency market, conducting thorough research and risk assessment are top priorities.

The MVRV Score is widely regarded as a reliable indicator. Bitcoin attained a peak of 10.4 in December 2017 and 3.66 in October 2021, coinciding with its highest price levels during those periods. Notably, in November 2022, the Index recorded a -0.36 score, typically signaling an opportune moment to buy or enter the market, provided one adheres to a sound fund allocation strategy.

The Fear & Greed Index reflects optimism surrounding Bitcoin due to its increased value. Following a rally to around $58,000, the token is currently trading at $61,563.41, marking a 1.44% surge in the last 24 hours. Bitcoin is anticipated to experience an upward trajectory moving forward.

The next significant resistance levels are projected at $75,000, followed by $90,000. Achieving the $75,000 milestone could pave the way for surpassing $100,000. While some analysts envision a trajectory reaching $150,000, the $100k milestone appears more feasible from a risk management standpoint.

Bitcoin's current momentum is bolstered by two key factors: the increasing adoption and approval of Bitcoin ETF applications in the US and Hong Kong. Although this may have a positive impact on the mid-term outlook, the short-term implications remain uncertain. Moreover, the growing interest from institutional and retail investors is expected to support BTC's demand and prices.

Investors are adopting a cautious and diversified approach to the highly volatile cryptocurrency market, particularly since the conclusion of the Bitcoin Halving in mid-April 2024.

Furthermore, the transfer of 1,000 Bitcoin tokens within 20 minutes by two large holders, totaling approximately $60.9 million, has sparked speculation within the Bitcoin community regarding their intentions to sell. Both wallets had been dormant for the past decade.

As of the time of writing, BTC was valued at $61,704.99, with the market cap and 24-hour trading volume experiencing increases of 1.55% and 40.37%, respectively. Bitcoin is anticipated to surpass the $100,000 milestone by the end of 2024.