Bitcoin is down 0.69% in the past 24 hours trading at $68,087.77 as per CoinMarketCap. With about 75 days since Bitcoin’s all-time high of $73,738.00 on March 13, 2024, and a dip in the price of the asset, some investors are beginning to speculate bearish times ahead. However, CryptoQuant, a prominent On-chain Data Analytics Provider, insists the cryptocurrency bull market is far from over.
Historical Data and MVRV Ratio, Bullish
Notably, CryptoQuant’s analysis is premised on historical facts. CryptoQuant relies on key indicators to assess whether Bitcoin is either undervalued or overvalued. It relies on these data to predict if Bitcoin has reached its peak in this bull market.
As per the historical data, in previous bull markets, the Market Value to Realized Value (MVRV) ratio peaked at 4.83 and 3.97. The MVRV ratio is a ratio of an asset’s market capitalization to its realized capitalization which indicates whether the price is overvalued or not.
Currently, the MVRV ratio stands at only 2.78, indicating that Bitcoin has not yet entered the overvalued zone, and further price increases are anticipated. Based on this, there is still a 1.19 – 2.05 window of price growth before Bitcoin peaks in this current bullish run.
Industry Insights and Expert Opinions on Bitcoin Bull Run
The #Bitcoin bull market is still not over
“In past bull markets, MVRV peaked at 4.83 and 3.97, and currently has only reached 2.78. It has still not entered the overvalued zone and further rises can be expected.” – By @DanCoinInvestor
Full post 👇https://t.co/UL5JxtScUZ
— CryptoQuant.com (@cryptoquant_com) May 28, 2024
Bitcoin has undergone a sufficient period of sideways movement and adjustment for over two months since hitting the overheated zone (yellow) in March 2024. Therefore, CryptoQuant predicts a steady rise is likely to begin as early as June.
Interestingly, Michael Saylor, co-founder and Executive Chairman of MicroStrategy recently shared a big bullish statement on X about Bitcoin as reported by Crypto-Vanguard. In a bold statement posted on May 17, Saylor stated, “If it’s not Bitcoin, your money is melting.” This is a major validation hinged on the trust that Bitcoin’s price will soar eventually.
Similarly, Mike Novogratz, the billionaire founder of Galaxy Digital Holdings, while discussing his insights about the market held that Bitcoin and altcoins are in a consolidation phase. He remains optimistic that this phase could serve as a precursor to the next bullish cycle.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of Crypto-Vanguard’s content as such. Crypto-Vanguard does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.