17 Mar Bitcoin Rare Buy Signal Flashes For First Time Since 2019 Bear Market
[ad_1]
Although the crypto market is as volatile as ever, data continues to pour in suggesting that prices will soon rebound. One analyst has now presented evidence that Bitcoin has dropped into a value zone that has rarely happened in its eleven year history. If correct, a short window now exists that places Bitcoin at a remarkable discount.
BITCOIN TRADERS SELLING AT A LOSS OPENS RARE OPPORTUNITY
Analyst Philip Swift has created a graph that analyzes both the present market value along with the movement of specific Bitcoins relative to their price when purchased. Known as the MVRV Z-score, it demonstrates that traders are presently selling Bitcoin at a steep discount.
Swift has tweeted:
MVRV Z-Score
Market cap has now dropped below Realized cap (the cost basis that bitcoins were purchased at).
Z-score has now dropped back into the green zone.
Such periods have been historically rare and attractive to accumulate Bitcoin.
Live chart: https://t.co/vy9q5KJVLo pic.twitter.com/RdGCVXslna
—…
[ad_2]
Source link