CryptoQuant analyst Axel Adler Jr. said an adjusted MVRV signal now points to Bitcoin being in a bull market phase. According to his reading, the ratio between the 30-day and 365-day moving averages of adjusted MVRV first crossed above its own 365-day moving average on Aug. 20, marking the start of an early bull phase when Bitcoin traded at $71,255. That phase lasted 31 days, during which Bitcoin rose 13%.
Adler added that on Sept. 20, the ratio moved above the 1.0 baseline, a level he said indicates the short-term MVRV average has overtaken the annual average. At that point, Bitcoin was priced at $80,691, which he described as the market’s transition into a bull phase. He said the ratio currently stands at 1.018, with Bitcoin at $84,156, and that the bullish structure remains intact as long as the reading stays above 1.0.
Since 2012, this is the sixth transition from an early bull phase to a bull market phase under the same framework. In the previous five cases, four ended with prices above the level seen at the start of the bull phase. The only exception was in August 2015.
CryptoQuant analyst Axel Adler Jr. said adjusted MVRV data shows Bitcoin has entered a bull market phase.
He said the ratio between the 30-day and 365-day moving averages of adjusted MVRV crossed above its own 365-day moving average on Aug. 20, putting Bitcoin into an early bull phase at a price of $71,255. That phase lasted 31 days, and Bitcoin gained 13% during the period.
On Sept. 20, the ratio moved above the 1.0 baseline. Adler said that meant the short-term MVRV average had risen above the annual average, and that Bitcoin entered a bull market phase when the asset was trading at $80,691.
The ratio now stands at 1.018, while Bitcoin is priced at $84,156. As long as the reading remains above 1.0, the bullish structure stays intact, according to Adler.
He also said this is the sixth transition from an early bull phase to a bull market phase since 2012. In the previous five cases, four ultimately ended with prices above the level seen when Bitcoin entered the bull phase. The only exception came in August 2015.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
