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Cryptocurrency News Articles
Bitcoin (BTC) Market Top May Not Be In Yet as MVRV Ratio Remains Below Past Peaks
Oct 03, 2024 at 11:42 pm
While Bitcoin has struggled to set a new all-time high for over six months, its MVRV ratio remains below past peaks, signaling potential for further gains.
Bitcoin price has been unable to set a new all-time high for over six months, yet its MVRV ratio remains below past peaks, signaling potential for further gains.
A recent analysis by IntoTheBlock highlights signs of potential upside in Bitcoin, despite ongoing bearish sentiment. The analysis underscores the importance of the MVRV (Market Value to Realized Value) ratio in gauging Bitcoin’s cycle top.
In the current market cycle, Bitcoin’s MVRV ratio peaked at 2.64 in March, a relatively low value compared to previous bull markets. This suggests that, according to the market intelligence platform, Bitcoin’s rally may not be complete, with room for further upward price movement before the market reaches a true top.
Historical MVRV Peaks
IntoTheBlock’s historical data provides key insights into Bitcoin’s past performance. During the 2017 market cycle, the MVRV ratio reached a peak of 4.35, while the 2021 cycle saw a high of 3.7.
Hence, the current MVRV of 2.64 remains significantly lower, indicating that the cryptocurrency still has some distance to cover before reaching a cycle’s top comparable to previous cycles.
📊 Historical MVRV Insights:
2017 Peak: 4.35
2021 Peak: 3.7
During the current cycle, MVRV peaked at 2.64, which seems relatively low to signal a market top. 🤔
🔍 What MVRV level are you keeping an eye on? pic.twitter.com/Vq2iViWEtp
— IntoTheBlock (@intotheblock) October 3, 2024
Whales Yet to See Massive Profit From Bitcoin
Another indication that Bitcoin’s top is not in yet may be observed through whale activity. The founder of CryptoQuant, Ki Young Ju, has noted that Bitcoin whales, particularly those holding large amounts of the cryptocurrency, have not yet seen substantial profits in this market cycle.
Many new whale wallets, including custodial wallets and ETF-related accounts, have shown limited gains. This suggests that these major holders are likely to continue holding rather than selling off their positions.
This accumulation of Bitcoin by whales further supports the notion that the market may have more room to grow. The whales are reportedly acquiring large quantities of Bitcoin through over-the-counter (OTC) markets, adding to the pressure on Bitcoin’s supply without contributing directly to the price volatility in exchanges.
At press time, Bitcoin is trading around $61,000, down by over 4% since this week.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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- ied in an financial system plummeted by a pandemic. ETF approvals earlier within the yr have created a platform the place Bitcoin worth may be influenced exterior cryptocurrency exchanges, in contrast to up to now.
- Oct 04, 2024 at 05:30 am
- possible try to carry off breaking beneath $60k, and will doubtlessly reverse the downtrend if it may head into the weekend above that mark. In any other case, a breach of that help might clear the best way for a possible decline to the sub-$50k territory.