Bitcoin Bottom-This Metric Hints How Low BTC Price Might Plunge
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According to crypto expert Ali Martinez, Santiment’s MVRV indicator is signalling a Bitcoin price bottom, as it has done before as well.
Bitcoin’s MVRV 365D plummeted to -56.85% in January 2015 and -55.62% in December 2018, respectively. This signals the conclusion of the bearish trend. The metric peaked at 50.09% in mid-June and is now at 48.23%.
The MVRV (market value to realized value) ratio indicates whether an asset is overpriced or underpriced.
Bitcoin Price Might Have Surrendered To The Bears
As per Glassnode, the Bitcoin value has experienced two separate submission periods since hitting a high of $69,000 in November 2021.
The Luna Foundation Guard force sold almost 80,000 BTC throughout the first stage, and the next stage happened two weeks back amid the market-wide drop.
Alex Kruger, a crypto researcher and trader, feels Bitcoin may have surrendered to the market collapse two weeks earlier. The expert highlighted the possibility that transaction volumes surged during this period, indicating capitulation and significant falls.
The creation of the bearish trend in past phases is aligned with the present status of Bitcoin’s macro indications, which ranges between technical to on-chain and are at all-time low points.
Nevertheless, given the present macroeconomic situation, all concepts and previous patterns might be tested while determining a Bitcoin bearish market floor.
30,000 Bitcoins Acquired To Increase Balances
According to crypto strategist Ali Martinez, accounts with 100 to 10,000 BTC acquired around 30,000 BTC to existing portfolios in the last seven days.
During the exceptionally harsh market circumstances of 2022, Glassnode revealed that accounts with fewer than one BTC or more than 1,000 BTC had been collected beside whales.
According to the on-chain research firm, these massive companies have begun to expand their position aggressively, purchasing 140,000 BTC from exchanges every month.
As a result, their balances have climbed to almost 8.69 million BTC or 45.6% of the BTC circulation. Also, retail investors or accounts with less than 1 BTC increased their assets by 113,884 BTC in 2022.
