Young Ju, CEO of on-chain analytics platform CryptoQuant, stated that Bitcoin (BTC) has entered the “early bull phase” and suggested that the uptrend may continue.
Young Ju is a recent social media in your postBitcoin to the early bull phase He made a statement about his entry. Referring to the on-chain data in his post, the CEO said, Bitcoin whales this rapid rise remained indifferent and not selling stressed.
Of course, Bitcoin still has macroeconomic risks and we may see more bankruptcies, mergers and capitulations in the next few months. However, looking at the on-chain data, Bitcoin whales did not move their BTC despite the recent price increase. The market may not have reached its bullish target yet.
With this, MVRV Z Pointing to its data, JU hinted that the downtrend might be over. of BTC “fair value” MVRV Z-ratio, which indicates when BTC price is significantly over- or undervalued compared to actual or actual price, according to CEO may be signaling.
Stating that according to the data, most investors are still at a loss and they would not want to sell at this point, Ju emphasized that the future potential sales will only be due to bankruptcy:
Looking at on-chain P/L indicators like MVRV, most investors are still underwater. Nobody here wants to sell at a substantial loss. If a big sale comes in, it’s most likely bankruptcy, government confiscated coins, etc. due to forced and undesirable sales.
Compared to historical data, whenever this metric leaves the indicated green zone, it indicates that the downtrend is over after that point. and that there is a bull season with it. we must not forget. On the other hand, these data may not be sufficient signals for a return on their own. As it will be remembered, during the rises in August, the MVRV data was once again above the green zone, but this height “dead cat splash” remained as