Crypto analyst Ali Martinez identified key Bitcoin price levels using the MVRV extreme deviation pricing bands model on May 16. Bitcoin has consolidated between $101,000 and $104,000 this week. This consolidation occurred despite news of a 90-day tariff pause between the US and China.
According to Martinez's chart, Bitcoin's next major resistance is at $116,901, aligning with the +1σ MVRV band. A break above this level would indicate risky overvaluation. Immediate support lies around $98,131, represented by the 0.5σ MVRV band.
A sustained price above $98,131 suggests Bitcoin remains in a bullish valuation zone. The mean MVRV band stands at $79,361, serving as a fair value anchor. As of today, Bitcoin trades at $103,529, down 0.87% in the last 24 hours but up 22.62% in the past week.
Bitcoin's realized price is currently $45,504, suggesting an average BTC investor has potential unrealized gains of 120%. The next resistance is at $105,000. A close above this could spur a rise to the all-time high around $109,000.
If Bitcoin breaks through both resistance levels, it would enter price discovery territory. This could accelerate gains toward the projected target around $117,000.
This article is based on our author's analysis of materials taken from the following resource: Ad Disclosure.