Bitcoin Miners Turn Savers as Price Hits All Time High; What It Means
The actual price of bitcoin has reached absolute highs
Bitcoin MVRV index hits all-time high amid attempts to break $ 12,000 mark
Almost every time Bitcoin’s MVRV index of short-term savings reaches 1.25, a rally begins
The Fear and Greed Index still signals the “extreme greed” of the cryptocurrency market sentiment
What is the onset of the maximum Bitcoin MVRV index signaling and how the actual value of the cryptocurrency differs from the market value
The bitcoin market to actual ratio (MVRV) index signals the start of a bullish trend.
Rafael Schultze-Kraft, chief technical officer of the analytical agency Glassnode, reports..
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The released chart shows how the MVRV index of Bitcoin short-term savings reached 1.25, after which, as shown by market cycles, a bullish trend begins..
“It is very important to ensure that we stay above 1. As long as it is, I am in a bullish trend,” said Schultze-Kraft..
According to the chart, every time the index crossed the 1.25 mark, a bullish trend began. The last time such a breakthrough occurred in 2019, late 2017, late 2013 and mid-2011.
Glassnode also notes that the upcoming rally is signaled by the absolute maximum of the actual price of bitcoin, which has reached the $ 6,000 level..
The actual price of bitcoin is calculated using the formula:
Actual price = Actual capitalization / Number of BTC in circulation
The actual capitalization, in turn, is calculated by multiplying each asset in circulation by its price at the time of the last movement.
It is believed that it is the actual price that shows the true long-term indicator of the asset’s value, since this price does not take into account short-term market turbulence..
Short term falls
Despite the fact that Bitcoin formed a bearish engulfing candlestick pattern in early August, signaling the end of the rally followed by a correction, the longer-term picture remains favorable..
The bitcoin fear and greed index is still holding at the level of “extreme greed”, which means the reluctance of the bulls, who returned against the background of the growth of bitcoin to $ 12,000, to retreat from their positions.
At the time of this writing, the price of bitcoin BTC / USDT is $ 11,739.
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