💥💥💥 2 key #bitcoin☀️ metrics signal steady bull cycle — 'No bubble' in sight
Bitcoin’s current price action shows strong bullish momentum despite not reclaiming its March all-time high, according to CryptoQuant researcher Axel Adler. He points to two key metrics: the bubble vs. crush market structure score and the MVRV-Z score, both indicating a healthy market with no signs of a major correction.
1. No Bubble: The #Bubble vs. #crush score is at 1.02, suggesting Bitcoin is not in a bubble. This score is much lower than during the all-time high of $73,679, where it indicated a bubble at 1.5.
2. Minimal Overvaluation: The MVRV-Z score, a measure of Bitcoin’s overvaluation, is slightly above its annual average at 1.8, indicating only minimal overvaluation. This suggests the market remains bullish as long as the score stays below extreme levels.
3. Trader Insights: Traders note Bitcoin’s extended consolidation period as typical for the phase before and after a halving event. Some, like Rekt Capital, believe Bitcoin is poised to reclaim its post-halving accumulation range, signaling potential for future gains.
Source - cointelegraph.com
