Analyst Predicts Bitcoin Bull Run: MVRV Metric Hints At $95K To $120K Target
2024年11月5日 - 10:30AM
NEWSBTC
The Bitcoin price action has sparked renewed interest among
analysts and investors as the cryptocurrency approaches a major
event (the US election) later in November. A CryptoQuant analyst
known as CoinLupin recently provided an analysis on the CryptoQuant
QuickTake platform, focusing on Bitcoin’s Market Value to Realized
Value (MVRV) ratio, a metric often used to gauge Bitcoin’s value
compared to its on-chain fundamentals. With macroeconomic factors
creating uncertainty in the crypto markets, CoinLupin shared
insights on the significance of MVRV for evaluating Bitcoin’s
current market position. Related Reading: Mt. Gox Stirs Market with
500 Bitcoin Transfer to Unknown Wallets—What’s Next for BTC? MVRV
And Historical Cycle Peaks The MVRV ratio, currently around 2,
indicates that Bitcoin’s market value is approximately double its
on-chain realized value, reflecting the average price paid by all
asset holders. CoinLupin explained that the key lies in observing
trend changes within the MVRV ratio over time rather than fixating
on this absolute value. Using the 365-day Bollinger Band for MVRV
along with the 4-year average—a common reflection of Bitcoin’s
cyclical trends—the analyst noted that the MVRV ratio is currently
above the long-term average and recently exceeded its 365-day
moving average. According to CoinLupin, this suggests that
Bitcoin’s upward trend remains intact. CoinLupin elaborated on the
potential significance of Bitcoin’s MVRV levels, particularly
regarding historical cycle peaks. In previous cycles, Bitcoin has
typically peaked when the MVRV ratio is between 3 and 3.6. While
Bitcoin’s current MVRV of 2 does not yet approach this peak range,
the upward trend in the MVRV indicates that the market may still
have room for growth if historical patterns hold. Should the
Realized Value (RV) remain constant, CoinLupin’s analysis projects
that Bitcoin would need a price increase of around 43% to 77% to
reach an MVRV level between 3 and 3.6. This translates to a
potential price target range of $95,000 to $120,000, provided
market conditions support upward momentum. However, the analyst
also noted that the Realized Value could increase as new
buying interest emerges, potentially pushing peak valuations beyond
these estimated levels. Bitcoin Market Performance After several
weeks and days of building momentum to surge past the $70,000
resistance, Bitcoin has again fallen below this price mark,
indicating that there might not be enough momentum yet to move
further to the upside. So far, the asset has declined by nearly 1%
in the past week. However, BTC currently trades for $68,306,
recording a slight increase in price by 1% as its 24-hour high
remains at $69,317. Interestingly, despite the slight dip in price
in the past weeks, Bitcoin’s daily trading volume has registered an
increase over this period. Related Reading: Tracking Bitcoin’s
Profit Cycles: Could A New Market High Be Near? Particularly, data
from CoinGecko shows that BTC’s 24-hour trading volume has
increased from below $30 billion last Monday to currently above $38
billion as of today. Featured image created with DALL-E, Chart from
TradingView
Quant (COIN:QNTUSD)
過去 株価チャート
から 11 2024 まで 12 2024
Quant (COIN:QNTUSD)
過去 株価チャート
から 12 2023 まで 12 2024