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Bitcoin starting to inch closer toward The price is steadily rising above $107,000. $110,000 was recently pushed to an intraday peak of $108,116. Bitcoin has shown that despite its recent price retracement, which took it below $99,000 last week, the current Bitcoin price is showing that this trend will continue. broader market is still bullish.
Recent price movements in the past 24-hours are beginning to show signs of a trend. to quiet questions about Bitcoin’s top has reached for the current cycle. MVRV Z-Score is a possible answer that may point to a different conclusion than what many might think.
Bitcoin has room to run, says MVRV-Z-Score
Doctor Profit is a crypto analyst who originally posted an on-chain analysis of The MVRV-Z-Score for Bitcoin, on social media platform X indicates that BTC has a long way to go before it reaches its peak. MVRV Z-Score on-chain is a standardized metric that determines whether Bitcoin’s value is high or low.
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According to the analyst, current levels are at a record high. on the MVRV Z-Score metric Bitcoin is barely above 2 which, since its creation in 2009, has remained in a neutral area. Bitcoin’s major peaks in previous cycles only occurred when this metric rose into the red and above values of 8 or above.
Doctor Profit’s chart of the overall Bitcoin prices supports his claim. The chart shows the peaks in the MVRV-Z-Score orange line with shaded red zones. The red areas have almost exactly matched the price peaks of Bitcoin in 2011, 2013, 2017 and 2021. As a result, even though the May surge was a new high, this cycle is still lagging behind. yet to push BItcoin’s price into That overheated zone. In fact, it shows that Z-Score remains in the lower part of the band. It is clear that Bitcoin’s price has a lot of upside potential.
Bitcoin Price vs MVRV: The current setup for Bitcoin
The chart shows that the MVRV Z-Score is forming lower highs in this current cycle. In contrast to previous cycles when the MVRV Z-Score surged above 10 and into overvaluation areas, the recent peaks are much more moderate. This could be taken as a sign that the Bitcoin price is about to reach its peak or that Bitcoin has already reached it. approaching the peak The current cycle.
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The pattern may be worth watching, but it’s not conclusive. Bitcoin has never experienced a cycle high until MVRV Z-Score moved into the “red zone”, which hasn’t yet happened this time. There is no set peak in the MVRV Z-Score, but other analysts are making predictions about where it could land. Predictions Bitcoin price peaks range From $150,000 up to $500,000.
Bitcoin has risen by 1.4% over the last 24 hours to $107 740.
Chart from Tradingview.com, image from Getty Images
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Source: www.newsbtc.com
