Bitcoin (BTC) actually hit a full-time high this week, according to the price indicator of renowned statistician Willie Wu.
In a series of tweets on October 27, Wu added his recent upbeat view on Bitcoin, noting that the BTC / USD valuation is now higher than ever.
Woo: “Price will follow” NVT review
Wu referred to the bitcoin network value to transaction ratio (NVT), which aims to illustrate when the bitcoin network is overvalued relative to the actual value of the transactions that go through it.
As of Tuesday, NVT-based “organic valuation” exceeded $ 10,000 for the first time.
“While we wait for BTC to hit a permanent high on a monthly chart of $ 14K and a previous upside potential of $ 20K. I would like to point out that the organic valuation is lower than the NVT price from long-term primary investors in general,” Wu commented.
“The price will follow.”
The Bitcoin NVT price chart shows an all-time high. Source: Willie Wu / Twitter
BTC Challenges $ 14,000 Ultimate Resistance
This observation was made when BTC’s price action showed no signs of a downward correction as it rose to its highest level of $ 13,850 on October 28, which corresponds to a bullish high in 2019.
As Cointelegraph reports, analysts are still paying attention to relatively little resistance between $ 14,000 and Bitcoin’s constant high of $ 20,000. They argue that if the $ 14,000 level is crossed, the door to new heights will open.
“In markets where high breaks have been broken, there is no earlier date to go back to, so price openings fluctuate sharply to explore different levels where there is no entry that says“ This is not true, ”Wu added.
Among those feeling new heights shortly before the end of the year are the founder of the Gemini exchange Tyler Winklevoss and the boss of Real Vision Raoul Pal, who gave the latter the maximum date for the event in early 2021.
Bitcoin was trading at around $ 13,630 at time of publication, temporarily dropping to $ 13,480 before being recovered.