The price of Bitcoin (BTC) has remained bullish over the past week after a bout of decline, with the cryptocurrency surpassing $68,000. However, this may not be the end of BTC's bull run. In fact, a key metric revealed that the cryptocurrency may continue to rise, suggesting that investors should consider holding onto the coin in the next few days.
CoinMarketCap data revealed that the price of Bitcoin rose more than 2% in the past seven days. This upward trend has continued over the past 24 hours, with the cryptocurrency's value reaching $68,136 at press time.
Meanwhile, Tarekonchain, an analyst and author at CryptoQuant, recently shared an analysis that reveals an interesting development. The analysis used one of the key indicators, the MVRV ratio, to predict what to expect from BTC in the short term. Accordingly, the MVRV indicator, widely recognized as one of the most accurate indicators for long-term investors to identify price tops and bottoms, may start to rebound from the critical level of 2. This level marks the beginning of a period of volatility before continuing to rise. According to this indicator, Bitcoin still has great potential for growth before reaching its peak, which usually occurs when the MVRV reaches a reading of 4 or higher. âThe strategy of safely exiting the market should be started gradually when the MVRV is in the range of 3.7-3.8,â the analysis stated.
Therefore, investors should plan to HODL as opportunities for continued price appreciation appear likely. In fact, as AMBCrypto previously reported, on July 25, Marathon Digital (MARA), the world's largest Bitcoin miner, announced the purchase of $100 million worth of BTC. This development also indicates that investors should not consider selling Bitcoin in the short term.
Therefore, investors should plan to HODL as opportunities for continued price appreciation appear likely. In fact, as AMBCrypto previously reported, on July 25, Marathon Digital (MARA), the world's largest Bitcoin miner, announced the purchase of $100 million worth of BTC. This development also indicates that investors should not consider selling Bitcoin in the short term.
What do the metrics say?
AMBCrypto then checked the Bitcoin Rainbow Chart to see what this indicator suggested. According to our analysis, Bitcoin price is in the âstill cheapâ zone, which means the chances of a price rise are still high.
Finally, our analysis of CryptoQuant data revealed that net BTC deposits on exchanges were down â a sign that selling pressure was low. Its binary CDD was also in the green. This indicates that long-term holder movement over the past seven days has been below average. Simply put, they have an incentive to hold on to their coins.
Dear reader, if you like the content of my account, do not forget to support us with a reward of thanks and follow the account to receive all new updates.
