Many cryptocurrency investors are concerned about the uncertainty surrounding Bitcoin as the cryptocurrency has seen fluctuations in its price as traders saw it trade above $100,000 and then fall below $90,000.
However, the popular cryptocurrency analytics platform confirmed that the bull market witnessed by Bitcoin is not over yet, saying that it remains intact despite the ups and downs that the digital asset has experienced in the previous weeks.
Bitcoin is still in bullish territory
The well-known digital asset analysis platform thinks so does Bitcoin It is still within the bullish zone Despite the price correction witnessed by the virtual currency.
In its latest insight report, Glassnode outlined indicators that showed a continuing bull market for the top cryptocurrency.
BTCUSD trading at $102,316 on the daily chart: TradingView.com
“Bitcoin has entered a correction phase and is trading 11.1% below the ATH price of $108k. However, the spot price is still trading above several key support levels, indicating that the bullish market structure remains intact at the moment.
This circumstance is further exacerbated by “relatively mild levels of distress in the market” based on small unrealized losses held by investors, the cryptocurrency analytics platform noted.
Source: Glassnode
Registration system
The cryptocurrency research center said it used the improved MVRV Z-score across a one-year rolling window to measure whether Alpha Coin is in a near-term bull phase or a bear market phase.
“According to this model, we are also still within the bullish zone, although the short-term holder cost basis remains at $88.4K which is a key level to monitor to maintain constructive sentiment,” the cryptocurrency company added.
According to the cryptocurrency company, MVRV measures Bitcoin’s market capitalization at the price at which the virtual currency was last moved to determine maximum prices (…) noting that the metric measures the number of standard deviations from its historical average.
When will BTC reach its peak?
In its insight report, Glassnode revealed that the cryptocurrency is likely to peak at two standard deviations above the average and “remain bullish as long as it trades above the average.”
The cryptocurrency company explained that once Bitcoin trades below the average and is about 1.5 standard deviations below the average, it is an indication that the coin is in a bearish phase.
According to Glassnode, the average MVRV Z score is the $91,000 price point, saying that if the cryptocurrency crosses 2 standard deviations above this price point, its price is at $113,000, while if it crosses 1.5 standard deviations below it, BTC will match $75,000. .
Hence, the Cryptocurrency Research Center concluded that $99,000 per coin indicates that BTC is still in bullish territory.
As of press time, Bitcoin is trading at $102,242 per coin With a total market capitalization of more than $2 trillion.
Featured image from Techpoint Africa, chart from TradingView
Comments are closed, but trackbacks and pingbacks are open.