• 14 July, 2024
News

This On-chain Bitcoin Reading Confirms That the Uptrend Is Just Beginning!

The MVRV Z-Score of Bitcoin (BTC) has recently peaked out of the “green zone,” which suggests that this could mark a cycle bottom. The green zone is the range where most capital inflows are generated, and it generally signals when prices have fallen to a relatively low point in their price history.

This means that BTC prices are now higher than the long-term and short-term holder realized price, indicating that holders have already started accumulating. This could mean that BTC is on the cusp of entering a new bull cycle with more sustained growth potential. For investors, this could be an important signal to keep an eye on as it could indicate where Bitcoin’s price is heading next.

Source: Glassnode

The breakout of the falling wedge pattern, which occurred in July 2021 at around $29.3K, is also a sign that Bitcoin is entering a new bullish cycle. This suggests that prices could continue rising as more people start investing and accumulating BTC. Therefore, investors should pay close attention to Bitcoin’s price action in the coming weeks and months to see if it starts another sustained bullish trend.

Overall, Bitcoin’s MVRV Z-Score peaking out of the green zone, combined with its breakout from the falling wedge, could mark a new bull cycle for BTC prices. This could mean that investors should pay close attention to BTC’s price action in the near future to get a better idea of where it is heading. With this, investors can profit from any potential upside that Bitcoin could experience in the coming weeks and months.

Conclusion

Bitcoin’s MVRV Z-score peaking out of the green zone and breaking out from the falling wedge could mark a new bull cycle for BTC prices. Therefore, investors should keep an eye on Bitcoin’s price action and be prepared to take advantage of any possible upside opportunities soon. With this, investors could benefit from any upcoming bull runs that Bitcoin may experience in the coming weeks and months.

Disclaimer: This article should not be taken as financial advice. Do your own research before investing in any asset or engaging in any service. Always take precautions and measures when investing. Never invest more than you can afford to lose. Information provided here is for informational purposes only and does not constitute investment advice.

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