bitcoin

Bitcoin Signals Potential 67% Gain As This Key Metric Dips Below 90-Day Average: Analyst Says 'Perfect Ti – Benzinga


Bitcoin‘s (CRYPTO: BTC) Market Value to Realized Value ratio has recently fallen below its 90-day average, indicating a potential buying opportunity with a potential 67% gain, according to a renowned crypto analyst.

What Happened: Ali Martinez, a prominent analyst, took to X to share his insights on the current state of the Bitcoin market. He noted that whenever the MVRV ratio dips below its 90-day average, it typically signals a lucrative buying opportunity.

ENTER TO WIN $500 IN STOCK OR CRYPTO

Enter your email and you’ll also get Benzinga’s ultimate morning update AND a free $30 gift card and more!

This trend has been observed since November 2022, with an average gain of 67% each time. Ali said in the post, “This opportunity is upon us again, indicating it might be the perfect time to buy $BTC.”

The MVRV ratio is a crucial metric in the crypto space, representing an asset’s market capitalization divided by its realized capitalization. A higher MVRV ratio generally indicates a higher potential profit, which can lead to increased selling pressure.


FREE REPORT: How To Learn Options Trading Fast

In this special report, you will learn the four best strategies for trading options, how to stay safe as a complete beginner, ​a 411% trade case study, PLUS how to access two new potential winning options trades starting today.Claim Your Free Report Here.


See Also: Bitcoin Shrugs Off Fourth Halving: Miner Rewards Halved, Price Holds Strong

Why It Matters: This news comes at a time when the crypto market is experiencing significant shifts. The recent drop in Bitcoin transaction fees to a 5-year low has sparked interest in the market. This decline followed the Bitcoin halving event and the launch of the Runes token standard, which initially caused a surge in transaction costs.

Moreover, the latest Bitcoin halving has been a topic of discussion, with experts predicting that it could cost miners billions of dollars in revenue. Despite this, the market has seen a surge in activity, with cryptocurrencies like Bitcoin, Ethereum (ETH), and Dogecoin (DOGE) gaining momentum in the pre-halving week.

Price Action: Bitcoin is currently priced at $64,916, experiencing a slight decrease of 0.06% over the past 24 hours, yet boasting a remarkable increase of 46.96% since the beginning of the year, according to the data from Benzinga Pro.

Read Next: Bitcoin Analyst Predicts ‘Significant Chance’ Of Price Bounce Amid Fading Hype: ‘Narratives Will Change’

Image Via Shutterstock


Engineered by Benzinga Neuro, Edited by Kaustubh Bagalkote


The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.


© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.



READ SOURCE

This website uses cookies. By continuing to use this site, you accept our use of cookies.