Cryptoquant analyst CryptoOnchain said that Bitcoin has not yet reached its peak in this market cycle, with his analysis on the MVRV metric.
Cryptoquant analyst CryptoOnchain has presented an important analysis evaluating Bitcoin’s price movements in the current market cycle.
Analyzing the 100-day moving average (MVRV) metric, the analyst said that Bitcoin has yet to reach its all-time high (ATH) this cycle.
Glassnode, which made a similar statement recently, pointed to $130,000, stating that Bitcoin has not reached its peak yet.
The MVRV metric stands out as an indicator optimized for detecting both tops and bottoms in previous market cycles.
According to CryptoOnchain, in the past two market cycles, this metric reached a value of 3 at market peaks. However, in the current cycle, the MVRV value currently stands at 2.14.
This suggests that Bitcoin has not yet reached the top of the cycle and a move towards this level can be expected in the coming months.
Based on the performance of this metric in past cycles, the analyst advised investors to be cautious going forward and watch for potential market tops.
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He also painted an optimistic picture that Bitcoin still has upside potential in the long term, in light of this data.
Such analyses in the cryptocurrency markets provide critical guidance for investors when making strategic decisions.