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CryptoQuant Researcher: 2 Key Indicators Show BTC Bull Market Cycle is Developing Steadily

2024-08-21 03:49:13

BTC0.79%

Odaily Planet Daily News, CryptoQuant researcher Axel Adler released a report recently, in which he followed two key indicators: market structure of Bubble vs. Crush and MVRV Z-score, as a signal that BTC's current price action is moving in a healthy direction.
Adler added, "We can see that the current Bull Market cycle is developing quite steadily, without any obvious anomalies or significant surges."
It emphasizes that the first indicator has dropped to 1.02 points, and he believes this is the "baseline", indicating that BTC is currently not experiencing a bubble.
When the Bitcoin market capitalization 'rise speed' exceeds its realized capitalization, a bubble forms in the market. When Bitcoin reached a historical high of $73,679, this indicator showed the existence of a bubble, scoring around 1.5.
It also pointed out that BTC's 30-day moving average (DMA) MVRV Z-Score is 1.8, slightly higher than the annual average level of 1.6 for BTC, indicating the "lowest overvaluation degree". (Cointelegraph)

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