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Bitcoin signals a potential 67% gain as this key metric falls below its 90-day average: Analyst says ‘perfect time to buy’

Vaseline 3 months ago

Bitcoin‘s (CRYPTO:BTC) market value to realized value ratio recently fell below its 90-day average, indicating a potential buying opportunity with a potential upside of 67%, according to a renowned crypto analyst.

What happened: Ali Martinez, a leading analyst, joined X to share his insights on the current state of the Bitcoin market. He noted that when the MVRV ratio falls below the 90-day average, it typically signals a lucrative buying opportunity.

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This trend has been observable since November 2022, with an average gain of 67% each time. Ali said in the post: “This opportunity has arrived again, indicating that this may be the perfect time to buy $BTC.”

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


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See also: Bitcoin shrugs off fourth halving: Miner rewards halved, price remains 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 five-year low has sparked interest in the market. This drop followed Bitcoin’s halving and the launch of the Runes token standard, which initially caused a rise in transaction fees.

Furthermore, Bitcoin’s latest 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 an increase in activity, with cryptocurrencies such as Bitcoin, Ethereum (ETH), and Dogecoin (DOGE) is gaining momentum in the week before the halving.

Price promotion: Bitcoin is currently priced at $64,916, which marks a slight decline of 0.06% over the past 24 hours but is still up a notable 46.96% year-to-date, according to Benzinga Pro data.

Read next: Bitcoin Analyst Predicts ‘Significant Chance’ of Price Rise Amid Fading Hype: ‘Stories Will Change’

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