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Bitcoin Has Entered Into The Early Bull Phase — Crypto Pundit Avers
Ki Young Ju, the CEO of data analytic firm CryptoQuant is convinced that Bitcoin is on the cusp of a major lift-off as crypto traders continue to switch from a risk-off to risk-on mode.
Earlier yesterday, Young tweeted that Bitcoin had “entered into the early bull phase”, suggesting that the top cryptocurrency by market capitalization could be preparing ngadorong leuwih luhur. Despite plunging by roughly 77% on the back of macroeconomic headwinds and a wider route in the crypto industry last year, Bitcoin has had a good run so far this year. This month alone, the crypto asset’s value grew over 40%, fully recovering from the FTX-induced sell-off and perching above levels last seen in August.
According to Young, whereas the asset’s price could pull back following the recent pump, there is a higher chance that it will continue to rise as various metrics turn positive. Highlighting the MVRV ratio, a profit and loss indicator that measures if the bitcoin price is undervalued or overvalued, the pundit noted that most investors were still underwater, reducing the incentive to sell.
Typically, when MVRV is above 3.7 (red area), bitcoin is said to be overvalued (market tops), and when it is below 1 (green area), bitcoin is said to be undervalued (market bottom). Recently the MVRV indicator moved above 1 (1.07), signalling the beginning of a bull cycle.
Dina kecap Young urang;
"Teu aya anu hoyong ngajual di dieu kalayan rugi anu signifikan. Upami aya anu ngajual pisan, éta kamungkinan pisan dijual dipaksa & teu dihoyongkeun kusabab bangkrut, koin anu disita pamaréntah, jsb.
On Wednesday, Young also stated that there was a likelihood that wealthy investors would purchase struggling US-based Bitcoin (BTC) mining companies and their crypto holdings at a discount this year, preventing further kapitulasi panambang. Nurutkeun manéhna, acquisitions misalna bakal nyata ngaleungitkeun resiko sistematis pakait sareng sektor pertambangan, igniting badai bullish pikeun BTC na cryptocurrencies lianna.
“BTC miner capitulation might play out differently this time. Less likely, but it could be bullish if someone(s) acquires US-based Bitcoin mining companies and their crypto holdings at a significant discount this year,” cenahna.
Notably, the total supply of BTC in loss hit a 9-month-low this week, the lowest since April 2022, when Bitcoin was trading in the $40,000 range. Cryptoquant noted that “every time the supply in loss reaches values above 50%, capitulations occur, and price bottoms can be identified along Bitcoin’s history.” Currently, 32% of Bitcoin’s total supply is in loss after dropping from about 55% a month ago.
Bagan BTCUSD ku Dagang TémbongkeunDina waktos pencét, Bitcoin was trading at $23,049, up 0.14% in the past 24 hours, according to data from CoinMarketCap.
sumber aslina: ZyCrypto