Assessing whether the Bitcoin price is overvalued or undervalued can help predict whether Bitcoin has peaked during this bull run.
During previous price increases, the MVRV index peaked at 4.83 and 3.97, but is currently only at 2.78. This shows that Bitcoin has not yet entered the overvalued zone and can expect further price increases.
According to data from CryptoQuant, after reaching the overheating zone (yellow) in March 2024, Bitcoin has undergone more than two months of correction and sideways movement. This is a positive signal that Bitcoin has had enough time to stabilize and prepare for a new price increase.
![](https://public.bnbstatic.com/image/pgc/202405/846b8000309e28da110588f33235b555.png)
Source: CryptoQuant
Additionally, macro factors and growing interest from institutional investors could fuel Bitcoin's growth. Bitcoin ETFs and widespread adoption by large enterprises are also strong supporting factors for this price increase.
Based on technical analysis and historical data, it can be seen that the Bitcoin market still has growth potential. Indicators such as RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) are showing positive signals about the uptrend.
Market forecast
– June 2024: With the stability over the past two months and positive signals from technical indicators, it is very likely that Bitcoin will begin a strong bull run from June. This could bring Bitcoin reaches new highs and attracts more investors.
– Late 2024: If this trend continues, Bitcoin could reach new record prices, surpass old peaks and continue its upward journey. According to some famous analysts, the $150K target is not difficult.
In short, although there have been periods of correction, the Bitcoin bull market is not over yet. Signals from the MVRV index and other technical analyzes show that the price upside potential is still huge. Investors should closely monitor market signals and prepare for new investment opportunities in the near future.
*The MVRV index, or Market Value to Real Value index, measures the market value of a cryptocurrency compared to its actual value, helping to assess whether the coin is overvalued or too low. When MVRV > 1, the currency may be overvalued; when MVRV < 1, it is probably undervalued. This index is useful for predicting market tops and bottoms and assessing investment risk. Currently, Bitcoin's MVRV is 2.78, showing that the growth potential remains.
Source: https://tapchibitcoin.io/thi-truong-tang-gia-bitcoin-van-chua-ket-thuc-du-bao-tiep-tuc-tang-truong-trong-thang-6-cryptoquant.html