The post Bullish signal makes this prediction about BTC’s price rally! appeared on BitcoinEthereumNews.com.

BTC appreciated by 10.38% on the monthly charts Analysts are eyeing a further rally citing the historical relationship between MVRV and SMA 365 Over the last 30 days, Bitcoin [BTC] has seen a significant rebound on its price charts after 2 months of extreme volatility. In fact, since hitting a high of $70,016 in July, BTC has declined significantly, even falling to a local low of $49k. However, since the Fed rate cuts a week ago, BTC has made notable gains. At the time of writing, Bitcoin was trading at $65,839. This marked a 10.38% hike on the monthly charts, with an extension to the bullish trend by a 4.47% hike in 24 hours. Will the king coin continue its rally? This recent surge has caught the attention of the crypto community, leaving analysts talking. One of them is Cryptoquant analyst Burak Kesmeci, who suggested that a long-term rally might sustain itself, citing the MVRV metric. Source: Cryptoquant According to Kesmeci, the Bitcoin MVRV Metric is now flashing a bullish signal again, with the MVRV pricing above its SMA 365. After analyzing the historical relationship between the MVRV and the 365-day moving average, the analyst determined that BTC usually records a rally after the MVRV rises above SMA365. At press time, the MVRV was at 2.04, sitting above its SMA 365 at 2.02. Thus, the analyst interpreted this as a strong bullish signal, positing that bulls have the market to lose. When the MVRV and SMA 365 are set like this, it means that the long-term trend is strengthening. Especially as BTC’s current market value is higher than its average realized value over the past year. This upward movement is a sign of growing confidence among long-term holders and investors. Therefore, based on this observation, Bitcoin may be seeing higher…

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Filed under: News - @ September 29, 2024 2:02 am