The post Bitcoin MVRV Points To Bullish Breakout Under Key Condition appeared on BitcoinEthereumNews.com.

Despite some mid-week turbulence, the price of Bitcoin (BTC) rallied to close the past week on a positive note, with an overall price gain of 4.07% according to data from CoinMarketCap. This positive price performance allowed BTC to maintain its upward trajectory from the previous week when it crossed above the $60,000 price mark. However, amidst these price gains, it remains widely uncertain if the crypto market leader has now entered a bullish trend. Related Reading: Bitcoin Bull Run Begins: Expert Points To Massive Upside Potential In Coming Months Bitcoin MVRV Movement Key To Bull Run, Analyst Says On Friday, popular crypto analyst Ali Martinez shared a market condition that would signal BTC’s return to a bullish phase. Over the last two weeks, the premier cryptocurrency has gained by over 23% moving from around $52,800 to a peak price of $64,041.  Albeit, Martinez postulates that the Bitcoin Market Value to Realized Value (MVRV) ratio needs to close above its 90-day moving average to ascertain a bullish trend following weeks of sideways movement in July and August. Generally, the MVRV ratio is used to assess the Bitcoin market trend with a high ratio indicating a potential overvaluation of the asset and a low ratio signaling undervaluation. When Bitcoin’s MVRV crosses below its 90-day moving average i.e. the average MVRV over this period, it indicates the asset is in a correction or bearish phase with investors likely holding unrealized losses, which could soon generate a negative sentiment. In contrast, when the MVRV moves above its 90-day moving average, it signals bullish momentum as Bitcoin’s market value rises above historical averages. Ali Martinez has postulated the latter condition must occur to stamp Bitcoin’s bullish transition despite recent market gains. If this scenario unfolds, BTC could surge to as high as $68,000-$70,000, where its…

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Filed under: News - @ September 21, 2024 11:00 pm