Indicators suggest the bullish phase of the market is not yet over, according to experts at CryptoQuant.
The #Bitcoin bull market is still not over
“In past bull markets, MVRV peaked at 4.83 and 3.97, and currently has only reached 2.78. It has still not entered the overvalued zone and further rises can be expected.” – By @DanCoinInvestor
Full post ?https://t.co/UL5JxtScUZ
— CryptoQuant.com (@cryptoquant_com) May 28, 2024
“In past rallies, MVRV reached peaks of 4.83 and 3.97, while currently it has only reached 2.78. It has not yet entered the overvaluation zone, and further growth can be expected,” wrote on-chain analyst Crypto Dan.
Head of Research at CryptoQuant, Julio Moreno, highlighted the low unrealized profit of Bitcoin investors, which stands at 3% compared to 69% in March. For this reason, he ruled out significant selling pressure on the price from sellers.
#Bitcoin price at $70K in March is different from price at $70K now.
There should be much lower selling pressure from traders now as unrealized profits are low, 3%, compared to early March, 69%.
Heavy selling has been exhausted according to this indicator. pic.twitter.com/KLMsuWe8Gs
— Julio Moreno (@jjcmoreno) May 27, 2024
“According to this indicator, heavy selling has been exhausted,” concluded the expert.
Earlier, Galaxy Digital CEO Mike Novogratz stated that Bitcoin is in a consolidation phase within the $55,000–$75,000 range and will reach the upper boundary by the end of the second quarter.
Bitfinex suggested that digital gold will return to a growth trajectory in the third to fourth quarters.