Bitcoin’s price has experienced a slight decline from its peak earlier this year. However, experts believe that now is a favorable time to invest based on the Bitcoin MVRV ratio. Last week, Bitcoin made a strong comeback, reaching a high of $66,000. This has sparked interest among analysts who are closely monitoring its future momentum. Currently, a significant portion of Bitcoin’s supply is still profitable, indicating potential upward pressure.
Recent on-chain statistics reveal that 88.8% of the Bitcoin supply is currently profitable, although this figure has slightly decreased from its previous high. Nevertheless, it remains quite high. This proportion has never been this high since Bitcoin’s price reached its peak of $44,000 on February 7th, 2024. While the market may need some time to stabilize, analysts are watching Bitcoin closely to see if it can sustain its current momentum.
If Bitcoin were to suddenly surge to $75,000 from its current position, it could signal that the market has reached its lowest point, according to experts like Nebraskagooner. On the other hand, if the price falls below $58,000, it may indicate that the market has not yet hit its bottom.
Furthermore, the Bitcoin MVRV ratio indicates that now is an opportune time to buy Bitcoin. Crypto expert Ali Martinez suggests that if the Bitcoin MVRV Ratio falls below its 90-day average since November 2022, it presents a great opportunity for investors, with an average gain of 67% in the past. The recurrence of this pattern suggests that now could be a favorable time to purchase Bitcoin.
As of now, Bitcoin is trading at $65,966, showing a 1.62% increase in the last 24 hours, according to data from CoinMarketCap.
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