Bitcoin ( BTC ) touched $69,000 on United States Election Day on Nov. 5 as a key onchain metric flipped bullish, suggesting that BTC’s uptrend toward $120,000 “remains intact.”

BTC/USD daily chart. Source: TradingView

Bullish MVRV ratio puts BTC price target at $120,000

Bitcoin is attempting to reclaim its 2022 all-time high of $69,000 as election anxiety engulfs the market on Nov. 5. 

In a market currently influenced by numerous macro-related issues, CoinLupin, an analyst at market intelligence firm CryptoQuant, opted for the traditional approach, utilizing the market value realized value (MVRV) indicator to indirectly assess Bitcoin’s current value.

With Bitcoin’s price trading at $68,755, the MVRV stands at 2, “indicating that the market’s surface value is twice the onchain estimated value,” the analyst said.

CoinLupin also found that the MVRV indicator recently surpassed the 365-day average and is presently above the four-year average, which typically reflects Bitcoin’s cycle.

“This suggests that the upward trend remains intact, and generally, the cycle peak tends to occur when the MVRV reaches levels between 3 and 3.6.”

Bitcoin MVRV ratio. Source: CryptoQuant

Supposing the realized value (RV) remains constant, a 43%–77% increase is necessary for the MVRV ratio, the accompanying commentary added. 

“When applied to Bitcoin, this translates to a target of $95k to $120k.”

To put this into perspective, the analyst explained that as the market rises with new buying interest, there is likely to be an uptick in RV as well, and a peak could be formed above these levels when previous cycles are taken into consideration. 

“While Bitcoin has risen significantly over the past year, it has only returned to the average level on the MVRV indicator. The upward momentum is still being maintained.”

Meanwhile, independent analyst Mags noted that the Bitcoin hash ribbon had printed a “buy” signal, suggesting that BTC could soon make a strong upward move.

In an earlier analysis on X, Mags spotted Bitcoin trading at $67,915, with the market setup projecting an expansion to $101,679.

Source: Mags

Related: 3 bold Bitcoin price predictions as the US Election nears finish line

Bitcoin sits on strong support at around $68,000

Bitcoin’s uptick on Nov. 5 saw it rise above a key level embraced by the 20-day exponential moving average (EMA), currently at $68,221, supporting the continuation of the uptrend.

At the time of publication, Bitcoin was trading above this crucial level, which serves as immediate support. 

BTC/USD daily chart. Source: TradingView

The 20-day EMA is within the $66,700–$68,730 range, where approximately 1.1 million BTC was previously bought by 2.5 million addresses, according to data from IntoTheBlock.

Bitcoin IOMAP chart. Source: IntoTheBlock

The in/out of the money around price (IOMAP) chart above shows that Bitcoin sits on relatively strong support compared to the resistance it faces on the upside, suggesting that the path with the least resistance for BTC is up.