The post Bitcoin Breaks $119,000: Analyst Says $139,000 Could Be Next appeared on BitcoinEthereumNews.com. A cryptocurrency analyst has pointed out how Bitcoin could target $139,000 next, according to this on-chain pricing bands model. Bitcoin Has Broken Past 0.5 SD MVRV Deviation Band In a new post on X, analyst Ali Martinez has talked about where Bitcoin may be heading next based on the MVRV Extreme Deviation Pricing Bands. This pricing model is based on the popular Market Value to Realized Value (MVRV) Ratio, an indicator that compares the market cap of Bitcoin against its realized cap. The former represents the value currently held by the BTC investors, while the latter is a measure of the value that they initially put in. As such, the MVRV Ratio basically represents the profit-loss balance of the overall network. When the value of the metric is greater than 1, it means the market cap is greater than the realized cap and the average investor is sitting on an unrealized gain. On the other hand, it being under the threshold suggests the investors as a whole may be considered underwater. The MVRV Extreme Deviation Pricing Bands takes the mean of the MVRV Ratio and calculates standard deviations (SDs) from it. It then determines price levels that correspond to these standard deviations. Below is the chart for this Bitcoin pricing model shared by the analyst. As is visible in the graph, the mean of the MVRV Ratio is currently situated at $94,650 in the model. What this means is that if Bitcoin declines to this level, the MVRV Ratio would attain a value equal to its mean. During BTC’s recent decline, its price slipped below the +0.5 SD level of $116,700. With the latest recovery run, however, it has smashed past it. The next level on the model is the +1 SD, located at $138,800. Bitcoin has surged above this… The post Bitcoin Breaks $119,000: Analyst Says $139,000 Could Be Next appeared on BitcoinEthereumNews.com. A cryptocurrency analyst has pointed out how Bitcoin could target $139,000 next, according to this on-chain pricing bands model. Bitcoin Has Broken Past 0.5 SD MVRV Deviation Band In a new post on X, analyst Ali Martinez has talked about where Bitcoin may be heading next based on the MVRV Extreme Deviation Pricing Bands. This pricing model is based on the popular Market Value to Realized Value (MVRV) Ratio, an indicator that compares the market cap of Bitcoin against its realized cap. The former represents the value currently held by the BTC investors, while the latter is a measure of the value that they initially put in. As such, the MVRV Ratio basically represents the profit-loss balance of the overall network. When the value of the metric is greater than 1, it means the market cap is greater than the realized cap and the average investor is sitting on an unrealized gain. On the other hand, it being under the threshold suggests the investors as a whole may be considered underwater. The MVRV Extreme Deviation Pricing Bands takes the mean of the MVRV Ratio and calculates standard deviations (SDs) from it. It then determines price levels that correspond to these standard deviations. Below is the chart for this Bitcoin pricing model shared by the analyst. As is visible in the graph, the mean of the MVRV Ratio is currently situated at $94,650 in the model. What this means is that if Bitcoin declines to this level, the MVRV Ratio would attain a value equal to its mean. During BTC’s recent decline, its price slipped below the +0.5 SD level of $116,700. With the latest recovery run, however, it has smashed past it. The next level on the model is the +1 SD, located at $138,800. Bitcoin has surged above this…