As a seasoned crypto investor with a decade of experience under my belt, I can confidently say that the recent bullish signal for Bitcoin as indicated by CryptoQuant’s Burak Kesmeci has piqued my interest significantly. The Market Value to Realized Value (MVRV) metric, when considered in light of its historical relationship with the 365-day moving average, suggests that we might be on the cusp of a substantial rally.
As reported by CryptoQuant’s analyst Burak Kesmeci, a significant bullish indication has been registered for Bitcoin, the primary cryptocurrency, in terms of its Market Value to Realized Value (MVRV).
As a crypto investor, I calculate this particular metric by determining the market capitalization of the leading digital currency and then dividing it by its realized value.
As an analyst, I’d define “realized value” as the total worth of all circulating coins, based on the price point at which their latest transaction on the blockchain took place.
Following an analysis of the past connections between the Moving Range Value Ratio (MRVR) and its 365-day moving average, it was found that Bitcoin usually sees an uptrend when the MRVR surpasses its moving average.
Currency, MRVR stands at 2.04, slightly surpassing its SMA 365, which is at 2.02.
The analyst sees this as a clear indication that the market is about to rise significantly, or in other words, the odds are favoring a bullish trend. He further emphasized his point by saying that the confidence and determination of the bulls has never been more apparent.
Today, Bitcoin reached a peak price of $66,439 earlier in the day, as reported by CoinGecko. Later, it slightly adjusted its gains, now trading at $65,882. Despite this minor correction, Bitcoin has experienced a 1.1% increase over the previous 24 hours.
Remarkably, Bitcoin appears to be heading towards its most successful September yet, contrary to expectations that this month would be unfavorable for the digital currency. To date, Bitcoin has seen an increase of approximately 11.5%.
Last week, legendary trader John Bollinger noted that Bitcoin had formed a bullish setup.
As per information from CoinGecko, Bitcoin enthusiasts need to push its value over 10% higher to regain the record peak reached in March.
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2024-09-27 20:52