Study confirms that the Bitcoin bull market is alive and well

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Many cryptocurrency investors are concerned about Bitcoin’s uncertainty as the cryptocurrency has experienced price fluctuations, during which investors saw it trade above $100,000 and then fall below $90,000.

However, the renowned crypto analytics platform assured that the bull market that Bitcoin is experiencing is not over yet, claiming that it remains intact despite the ups and downs that the digital asset has gone through in the previous weeks.

Bitcoin remains in bullish territory

A well-known digital asset analysis platform believes that Bitcoin does still in the bullish zone despite the price correction that the virtual coin experienced.

In its latest report, Glassnode explained the indicators that showed that the first cryptocurrency’s bull run continues.

BTCUSD trading at $102,316 on the daily chart: TradingView.com

“Bitcoin has entered a correction phase and is trading 11.1% below its ATH of 108,000. dollars. However, the spot price continues to hold above several key support levels, suggesting that the bullish market structure remains intact for now,” Glassnode said in the report.

The crypto analytics platform noted that this circumstance is further complicated by “relatively low levels of market unrest” based on tiny unrealized losses incurred by investors.

Source: Glassnode

Scoring system

The crypto advisory team said it used the optimized MVRV Z-score over a one-year rolling window to assess whether the alpha coin is in a short-term bull phase or a bear phase.

“Under this model, we are still in bullish territory, although the short-term holder cost basis remains at 88,400. dollars, which is a key level to keep an eye on to maintain constructive sentiment,” the crypto firm added.

According to crypto firm MVRV, it assesses Bitcoin’s market value based on the price at which the virtual coin last traded to determine price extremes […] noting that the metric measures the number of standard deviations from the historical average.

When does BTC peak?

In its report, Glassnode revealed that the cryptocurrency is likely to peak at 2 standard deviations above average and “will remain bullish as long as it trades above average.”

The crypto firm explained that when BTC is trading below average and close to 1.5 standard deviations below average, it is a signal that the coin is in a bear market.

According to Glassnode, the average Z-MVRV score is the $91,000 price point, which means that if the cryptocurrency rises 2 standard deviations above this price point, its price will be $113,000, and if it falls 1.5 standard deviations below, BTC will equal $75,000.

As such, the crypto think tank concluded that $99,000 per coin indicates that BTC is still in bullish territory.

At the time of publication, Bitcoin is traded $102,242 per coin with a total market capitalization exceeding USD 2 trillion.

Featured image from Techpoint Africa, chart from TradingView

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