Whatever I take goes up, whatever I take goes down cryptocurrency investors had another bad start to the week.
It is seen that macroeconomic expectations have an effect on the lack of the expected reaction while watching the meltdown of many investors’ portfolios, who think they are buying from the bottom in case it doesn’t fall any more.
It constantly misleads those who say it’s the bottom. Where will the real bottom be in Bitcoin? Of course, it is impossible to answer this question. However, it may be possible to make an approximate estimate by looking at the indicators that have done good work in previous cycles.
“Focus on MVRV”
CryptoQuant CEO Ki Young Ju talked about the “true bottom” in a short post. of the MVRV indicator He said he could be followed.
Famous CEO MVRV He used the following statements about it;
“MVRV is currently 1.50.
This shows that Bitcoin wallets have an unrealized 50% profit.
If this is the end of the bull market, we should keep our eyes on these classic indicators to catch the cyclical bottom.
Historically, the cyclical bottom comes when the MVRV falls below 1.
Ju also shared a chart.
He also stated that even if it goes below Ju 1, the price may decrease a little more, and how much more cyclical bottoms fall after MVRV 1.
“2020/03/12: 0.85 (-15%)
2018/12/14: 0.69 ( -31%)
2015/01/14: 0.58 (-42%)
2012/02/18: 0.84 (%-16)”
*Not Investment Advice.