Bitcoin has once again dipped below $70,000. However an analysis is suggesting strong potential for future gains...
Insights using the MVRV indicator hinted at a possible surgehas once again slipped below this resistance level. This highlighted the potential challenges in sustaining upward momentum on the charts.
The MVRV ratio, with a value of around 2 at press time, showed that Bitcoin’s market value stood at twice its on-chain value estimate. Instead of focusing solely on the MVRV’s current value, CoinLupin emphasized the trend by using tools like the 365-day Bollinger Band for MVRV and the four-year average to better understand Bitcoin’s cycles.
He also noted that rising market interest and buying momentum could push the Realized Value higher – A sign that future peaks may exceed these levels based on prior cycles. Despite Bitcoin’s recent price moves, the number of active addresses has remained within a range. It has fluctuated between 870,000 and 546,000 active addresses over recent months.
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