Burak Kesmeci, a well-known crypto analyst, thinks Bitcoin (BTC) could hit $124,000 soon, based on a price model he’s been following. This comes after Bitcoin had a big price jump last week, suggesting it might keep going up in the near future.
Could Bitcoin Hit $124,000?
In a post on X (formerly Twitter) on April 26, Burak Kesmeci explained his prediction using something called the Golden Ratio Multiplier model. This model looks at moving averages and Fibonacci ratios to figure out when Bitcoin might be overvalued or undervalued — basically, it helps spot good times to buy or when the market might be topping out.
According to Burak’s analysis, Bitcoin recently bounced off its 350-day moving average (350DMA), which is currently around $77,000. This is a key level that tends to act as support, and when Bitcoin touches or dips below it, it often signals a good time to buy for the long term. After a brief dip to $75,000, Bitcoin quickly recovered and surged to $96,000.
Now, based on this model, Bitcoin is headed toward 1.6 times that 350DMA level — which means it could reach around $124,000. Even though the price is taking a little break right now, Burak thinks another big rally could be on the way.
Historically, when Bitcoin gets close to this price, it’s often a sign that the market is done accumulating (when people are buying quietly) and is about to enter a bigger bullish phase. If Bitcoin hits $124,000, it could pave the way for even more gains.
Bitcoin Miners Are Making Big Profits
In other news, crypto analyst Ali Martinez pointed out that Bitcoin miners have been making a lot of money lately. They’ve racked up about $18.6 million in profits as the price of Bitcoin passed $94,000. This shows that miners who got in early are taking advantage of the higher prices to cash out some of their gains.
Even though miners are selling off some of their Bitcoin, the overall market is still strong, thanks to things like big investments into Bitcoin spot ETFs.
As of now, Bitcoin is sitting at around $94,393, which is a slight dip of 0.76% from the day before, but overall, it’s still holding strong.
