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Bitcoin on-chain metric suggests 2017-style bull run will continue
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Bitcoin's (BTC) pullback from its record high of $67,000 to below $60,000 has not deterred bulls from eyeing another peak level ahead, per an indicator that attempts to predict market bottoms and tops.
Dubbed MVRV, the risk metric represents the ratio of Bitcoin's market value to its realized value — similar to the price to book (P/B) ratio that compares a company's market value to its book value. In doing so, MVRV attempts to identify whether an asset is under or overvalued.
An MVRV reading above 3.7 alerts about Bitcoin topping out, prompting selloffs. On the other hand, an MVRV reading below 1 implies buying pressure on the prospects of Bitcoin bottoming out.
MVRV has historically assisted Bitcoin traders in spotting selling and buying
Read more on cointelegraph.comAbout this in other media
Bitcoin tumbles towards $60,000 after China fires another warning at crypto miners and Biden's $1 trillion infrastructure bill becomes law markets.businessinsider.com /3 years ago
China warns state-owned enterprises to cease involvement in Bitcoin mining cointelegraph.com /3 years ago
Crypto market m-cap hits $3 trillion mark; will the frenzy continue? economictimes.indiatimes.com /3 years ago
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