Bitcoin’s MVRV Ratio Dips Below Average: An Opportunity for 67% Gains?

• Bitcoin’s potential surge to $75,000 could signal a bullish trend confirmation.
• On-chain data indicates a cooling market sentiment despite profitable Bitcoin supply.
• Historical MVRV Ratio trends suggest a promising buying opportunity for Bitcoin investors.

Bitcoin’s recent surge to $66,000 has ignited speculation among investors about the cryptocurrency’s bottom. With potential gains of up to 67% indicated by the MVRV ratio, eyes are on key price levels. As highlighted by Nebraskangooner, an analyst, a move to $75,000 could signal the bottom is in, but a drop below $58,000 might suggest otherwise.

#Bitcoin update:

If it manages to pump to $75,000 from here then the bottom is in.

If it drops below $58,000 then the bottom is not in.

Make sure to follow me and turn notifications on so you don't miss any important updates like this one.

— Nebraskangooner (@Nebraskangooner) April 21, 2024

In parallel, on-chain data shows that 88.8% of Bitcoin supply is profitable, which has eased from earlier highs this year. This trend mirrors conditions observed on February 7, 2024, when Bitcoin traded at $44,000, hinting at a possible cooling in market sentiment, possibly lea…

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