Analyst: Bitcoin MVRV Falls Below 365-Day Moving Average, Signaling Potential Entry into a 'Periodic Bottom Phase'
BlockBeats News, October 22, CryptoQuant analyst ShayanMarkets stated that the Bitcoin market value to realized value ratio (MVRV) recently fell below its 365-day moving average, a signal that has historically appeared multiple times before the market forms a cyclical bottom.
The analyst pointed out that the current MVRV ratio is around 1.9, slightly below its 365-day simple moving average (SMA). Looking at historical data, each time MVRV fell below the 365-day SMA, the Bitcoin price saw a significant rebound: a 135% increase in mid-2021, a 100% increase in June 2022, and a 196% increase in early 2024.
ShayanMarkets believes that this pattern indicates that Bitcoin may once again enter the undervalued range, where long-term holders typically begin to accumulate again. If history repeats itself, the Bitcoin price is expected to reach the range of $115,000 to $190,000 towards the end of the bull market.
You may also like
Gainers
Latest Crypto News
Four Men Break Into Home, Rob $1.6 Million Worth of Cryptocurrency, Torture Victim for Over 13 Hours
Ethereum Surges Above $2900
The U.S. September PCE Report will be rescheduled and released on the 5th of December at 10 p.m.
Franklin's XRP Spot ETF XRPZ, a financial product belonging to Franklin, was launched today.
Analysis: Amazon's $50 Billion AI Infrastructure Investment Boosts Cryptocurrency Market Sentiment
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:[email protected]
VIP Services:[email protected]