Well-known analyst CryptoChan: BTC MVRV indicator reaches 1.57, bull market steadily advancing
CryptoChan2024/09/23 07:03
On September 23rd, well-known analyst CryptoChan released the latest analysis, stating that the MVRV indicator (ratio of market value to realized market value) of BTC has reached 1.57, indicating that the bull market is steadily advancing. Based on historical trends, CryptoChan predicts that this indicator may exceed 2.3 at the peak of the bull market, indicating that the market is entering a stronger growth cycle. The MVRV indicator can more accurately reflect the health of the market by analyzing the ratio of BTC market price to the average on-chain buy price and excluding long-term untouched positions. CryptoChan emphasized that the continuous rise of this indicator may bring a key turning point to the market and should be closely monitored to seize potential trading opportunities.
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