Last week, the Ethereum ETFs chart turned from negative to positive, bringing a big rise to ETH and ETH-based altcoins, while Bitcoin experienced a relatively limited rise.
Moreover, after today's Mt.Gox transfers, while BTC investors were worried about the possibility of further decline, a positive analysis came from the CryptoQuant analyst.
Stating that the bull market in Bitcoin is not over yet and that big increases will continue, the analyst used the MVRV rate in this analysis.
Comparing the MVRV rate in historical bull markets, the analyst stated that Bitcoin peaked after the MVRV rate reached 4.83 and 3.97 levels in previous bulls.
Pointing out that the MVRV ratio has reached 2.78 at most in the current bull cycle, the analyst stated that the increases will continue and pointed to June:
“In past bull markets, MVRV peaked at 4.83 and 3.97 and has now only reached 2.78.
Bitcoin still has not entered the overvalued zone and further rises can be expected.
Bitcoin experienced a decent period of sideways and corrections for more than two months after reaching the overheated section in March 2024, so an uptrend is highly likely to occur in early June. “
Selling Pressure in Bitcoin Reduced!
CryptoQuant research manager Julio Moreno also made a positive assessment about the BTC price and said that the selling pressure on BTC has decreased.
Stating that the intense sales are over and there are no obstacles for the rise, Moreno said, “There is a difference between the price of Bitcoin being $70,000 now and $70,000 in March. BTC reached ATH, making many investors profitable and intense sales occurred. So much so that the unrealized profit of Bitcoin investors was 69% at the beginning of March, but with the intense sales after ATH, this rate dropped to 3%. “Investors are not profitable enough to sell right now and the selling pressure has decreased,” he said.
*This is not investment advice.