Bitcoin View Non-AMP

This is How and When Bitcoin Price Will Start a Bullish Cycle

Written by: Qadir AK

June 28, 2022

Despite hovering around the $30,000 mark for a long time, Bitcoin fell deep toward $18,000 in June.

Bitcoin has traded beyond the $20,000 barrier in the recent week, but it is yet to reach the $22,000 milestone.

Furthermore, several essential barriers must be overcome before Bitcoin enters a positive cycle.

Bitcoin is underestimated at the present market value when the Market Value To Realized Value (MVRV) measure is used.

According to an analyst on CryptoQuant, Bitcoin is undervalued because the MVRV ratio has fallen beyond a certain threshold since the Covid crisis.

The MVRV is the ratio of a currency’s Market Valuation to its Realized Cap that assesses if the price is overpriced or not. This on-chain metric may be used to analyze the current market position.

In reality, the ratio gives important information about traders’ purchasing and selling habits.

According to the CryptoQuant analyst, the market is presently in its late bear market phase.

Bitcoin Falls Below 200 WMA For The Third Time

On the other hand, the Bitcoin price is on the verge of falling underneath the 200-week moving average, which is now at $22,300, for perhaps the first time in history.

As per CoinMarketCap, Bitcoin is changing hands at $21,011, flat 1.09% in the previous 24 hours.

Furthermore, Bitcoin has produced a weekly candle underneath the 200-week moving average for the third time this season and is continuing in the same direction.

It is the first time in history that the same pattern has occurred three times.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Recent Posts

Macro Strategist Lyn Alden Remains Long-Term Bullish on Bitcoin

The price of bitcoin fluctuates frequently and unpredictably. And because of this, it's possible that…

August 16, 2022

How VertoChain, Tezos, and Avalanche are Revolutionising Decentralised Finance Solutions

Centralisation has been the backbone of financial transactions since money and commodities became widely tradable…

August 15, 2022

Fancythattoken: A One-Stop-Shop For Your Daily Life Services

As the crypto landscape continues to evolve, one clear theme has emerged as a constant…

August 15, 2022

Shiba Inu To See Massive Rally Soon! Here’s What SHIB Holders Can Expect In Coming Week

Shiba Inu has hit the spotlight once again after experiencing a weekend increase of roughly…

August 15, 2022

Bitcoin (BTC) Price Might Enter Major Bearish Trend If This Scenario Playsout

The price of bitcoin (BTC) increased last week as inflation and growth worries were allayed…

August 15, 2022

Terraform labs founder Do Kwon’s First Interview After the Meteoric fall

The Terra network and its founder Do Kwon reached the pinnacle of the cryptocurrency market…

August 15, 2022