🚀 Bitcoin: Positive Long-Term Outlook Supported by Strong Fundamentals🚀
According to Odaily, despite possible short-term setbacks, the solid fundamentals of Bitcoin and the favorable MVRV score suggest a positive long-term outlook. Data from CoinGlass indicates that the Market Value to Realized Value (MVRV) metric shows that Bitcoin remains undervalued, even after reaching an all-time high last week.
In March of this year, Bitcoin's MVRV score was 3.03 during a significant adjustment, compared to 7 in January 2021. This suggests a possible strong recovery for Bitcoin in the coming weeks. Furthermore, the fundamentals of Bitcoin remain strong, with the circulating supply falling to a multi-year low of 2.24 million BTC. In September, over 2.72 million BTC remained on exchanges, indicating a trend of investors buying and storing Bitcoin in self-custody wallets, with some accumulating ETF shares.
- The decline in the MVRV-Z score from 3.3 to 2.84 suggests that Bitcoin continues to be undervalued.
- The increase in the market capitalization of stablecoins, from $122 billion to $210 billion, is a potential catalyst.
- Bitcoin’s annual inflation rate has steadily decreased from a peak of nearly 12% in 2015 to 1.12%, driven by halving events and rising mining difficulty.
This positive outlook and the strong fundamentals of Bitcoin suggest that the asset has significant long-term growth potential, which could boost investor confidence and mass adoption.
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