Bitcoin price showed a minor 2% increase on Monday, reaching $94,713. The token maintained its market dominance with a capitalization of $1.87 Trillion and 56.7% presence.
As Bitcoin price held steady, anticipation grew for its next significant move. Keep reading to learn about the factors influencing Bitcoin’s price trajectory and its potential implications for the cryptocurrency market.
Recently, an analyst at CryptoQuant shared their latest analysis, which highlighted Bitcoin’s MVRV 100-day moving average currently at 2.14. This metric, which compares Bitcoin's market valuation to its realized value, is used to gauge potential market tops and bottoms.
Historically, Bitcoin’s MVRV ratio peaked at around 3 during the last two market cycles before the price reached its highs. With the current ratio lower, CryptoQuant suggests there is still room for Bitcoin to climb within this cycle.
Their analysis indicates that Bitcoin could be gearing up for another significant price rally in the coming months, especially if it beats the US30Y by massively increased adoption. Its price could head toward the three mark in the indicator.
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
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